SBI Secures $1 Bn From Abroad For ESG Financing Market
On Wednesday, State Bank of India (SBI) announced the procurement of USD 1 billion (approximately Rs 8,300 crore) aimed at addressing the domestic ESG financing segment.
SBI disclosed in a regulatory filing that it successfully concluded the issuance, comprising USD 750 million and an additional USD 250 million through a Green Shoe, in the form of a Syndicated Social Loan. The closing of the loan book occurred on 2 January 2024.
Notably, the country's largest lender had also raised USD 1 billion through a syndicated social loan in the previous year. These funds are intended to support the domestic Environmental, Social and Governance (ESG) financing market.
The raised funds span two tenures: a three-year and a five-year loan. The bank secured these funds at 80 basis points and 100 basis points over the secured overnight financing rate (SOFR), respectively.
