State Bank of India (SBI), India’s largest commercial bank, stated on April 18 that it has raised $500 million in three-year financing through a syndicated credit facility. The funds were raised at the International Financial Services Centre’s GIFT City (Gujarat International Finance Tec-City) branch (IFSC).
“The successful launch of the syndicated loan at such a fine pricing demonstrates the kind of reputation SBI has created for itself in offshore financial markets, allowing it to efficiently raise funds even during the ongoing turbulence in the markets caused by geopolitical tensions and rate hike expectations by the US Federal Reserve and other central banks across the globe,” said Ashwini Kumar Tewari, Managing Director, SBI.
According to SBI, it is the bank’s first offshore USD SOFR-linked syndicated loan through the GIFT City office. The facility will cost $400 million, with a green shoe option of $100 million.
“It is another step towards SBI’s commitment to develop the IFSC GIFT City as an international financial hub. SBI’s GIFT City branch has become the largest branch in IFSC,” stated the release.