bank of baroda to issue gdr/adr
mumbai: bank of baroda is planning to come out with an international equity offering through a gdr or an adr issue. the proceeds will be used to provide capital cushion for the bank's 39 international branches.

executive director of bank of baroda, p.s. shenoy, said the bank's international operations accounted for about 20 per cent of its business.

the bank will, however, wait for the state bank of india to approach the international markets. the government of india has to decide on reducing its equity stake in public sector banks below the 51 per cent level. the government has a stake of 66 per cent in bank of baroda. mr shenoy said the bank will be able to raise only $80 million if the 51 per cent stake has to be kept intact.

idbi to give rs 200 crore loan to gspc
ahmedabad: industrial development bank of india is to provide rs 200 crore as debt to gujarat state petroleum corporation for its 160 mw gas-based power project at hazira.

gspc is the lead promoter for the rs 560-crore project. apart from idbi, power finance corporation, banks and other financial institutions will prove another rs 200 crore as debt. the balance rs 160 crore is expected to raised through equity.