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IFCI to Raise 60 Billion Rupees in Debt by March, Official Says

June 1 (Bloomberg) -- IFCI Ltd., a state-controlled Indian financier, plans to raise at least 60 billion rupees ($1.3 billion) in debt by March next year as it replaces shorter-term loans with longer-dated bonds.

The New Delhi-based company, which provides funds to industry, has about 145 billion rupees of debt outstanding, including about 66 billion rupees in short-term bank loans, said Shashi Sharma, chief treasury and investment officer. More than half the new debt it issues will be bonds, she said.

“Long-term bonds will provide us with an opportunity to tie some interest rates to a predictable range,” said Sharma. Loan terms typically get reviewed after one year, she said.

India’s central bank will introduce a new a base rate system, replacing the benchmark prime lending rate, to increase bank transparency. The plan will be effective July 1, Reserve Bank of India Deputy Governor Usha Thorat, said March 5.

To contact the reporter on this story: Suprotip Ghosh in Mumbai sghosh47@bloomberg.net

To contact the editor responsible for this story: Will McSheehy at wmcsheehy@bloomberg.net.

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