SBI Raises $750 Mn Term Loan
Originally, SBI set out to raise USD 350 million in May 2024, but due to significant demand, the amount was upsized to USD 750 million
The State Bank of India (SBI), the country’s largest lender, has successfully raised a USD 750 million term loan from its GIFT City branch, as announced by the lead arranger on Tuesday. The Senior Unsecured Syndicated term loan facility was signed on 11 July, with Mashreq Bank acting as the sole global coordinator.
Originally, SBI set out to raise USD 350 million in May 2024, but due to significant demand, the amount was upsized to USD 750 million. This facility will be utilised for general corporate funding purposes, underscoring the strong investor confidence in SBI's financial stability and strategic growth plans.
The bond issuance will be listed on the India International Exchange (India INX) and the Singapore Stock Exchange, reflecting SBI’s robust investor base in offshore capital markets. This move is part of SBI’s broader strategy under its USD 10 billion Global Medium Note programme to bolster its international business operations.
Dinesh Khara, Chairman of SBI, highlighted that the success of this issue showcases the strong investor base SBI has built in the offshore capital markets, paving the way for more foreign currency bond issuances this year. The listing of the bond issue on INX Gift City emphasises the vision to make Gift City a hub for international business opportunities, including foreign currency fund-raising programs
