Stating this IDBI assistant general manager S Das said that sanctions by IDBI, the largest Indian resource raiser both in domestic and international market, were Rs 24,199 crore while disbursements were Rs 15,165 crore, 42 per cent and 33 per cent above the respective figures of the previous year.

IDBI had Rs 8,003 crore net worth as on March 31, 1998, Das told a press conference in connection with the launching of the fourth series of IDBI Flexibonds, open for subscripition from September 21, 1998. The size of the Flexibond issue is Rs 750 crore with an option to retain an additional Rs 750 crore.

In keeping with the investor friendly features that are associated with IDBI's Flexibonds issue, the Flexibonds-4 offers four instruments to suit the varying needs of investors - regular income bond, educationbond, growing interest bond and deep discount bond - he explained. The Flexibonds-4 issue of IDBI - which has an asset base of over Rs 59,957 crore as on March 31, 1998 - has been rated `AAA' by Crisil signifying highest safety.

The government of India has notified the Flexibonds-4 as public securities in terms of Section 20 (F) of the Indian Trust Act, 1882, Das said. Das added the issue has also been declared as public securities by government of Madhya Pradesh and Rajasthan and Endowment Department of government of Andhra Pradesh. Applications have also been made for declaration of the bonds as public securities to governments of Maharashtra and Gujarat, he said.

IDBI has mobilised over Rs 4,000 crore under the three previous issues of Flexibonds from over 25 lakh investors, he informed.

IDBI has capital adequacy ratio of 13.7 and a comfortable debt equity as on March 31, 1998 giving it the flexibility to further leverage itself for raising resources, Das said.