SBI to raise $300 mn via overseas bonds

State Bank of India (SBI), the country's largest lender, will raise $300 million by issuing bonds in international markets. The proceeds would be used for general corporate purposes.

The bonds are expected to be rated Baa3 - the lowest rating of investment, carrying moderate risk - by ratings firm Moody's or BBB - the lowest investment grade - by Standard & Poor's. The issuer of the bonds will be the London branch of SBI and the bank plans to list the notes on the SIX Swiss Exchange.