The corporation has raised the money through a 10-year paper. Citibank and Stanchart are likely to follow suit, industry sources said. Both these banks top the chart in mopping up the RIB money from non-resident Indians across the globe.
Private banks are also likely to follow suit.
It makes sense to go forthis kind of investment. This will ensure that there is a guarantee afterthe fifth year, sources said. The benchmark rate for a five-year bonds from an AAA rated company is 13.50 per cent. Recently, the State Bank of India placed Rs 1,000 crore with the Industrial Development Bank of India for a five-year tenure at 12.75 per cent.