 "SBI")
The country’s largest lender, State Bank of India (SBI), has raised $750 million through a Senior Unsecured Syndicated Term Loan Facility for deployment of funds in lending operations.
Mashreq Bank, the sole global coordinator for the offering, said in a statement that the facility was initially launched for $350 million in May 2024. There was strong global demand primarily from the Middle East, South Asia, Africa, Germany, and South Korea. It was oversubscribed 2.2 times, resulting in an upsized deal. The facility saw participation from 11 institutions, it added.
The Saudi National Bank and Punjab National Bank joined as mandated lead arrangers, and institutions like DZ Bank, National Bank of Umm Al Qaiwain, Sampath Bank, and The National Bank acted as arrangers for the facility, Mashreq said in a statement.
The facility will be used for general corporate funding purposes of SBI, it added.
During FY24, SBI raised more than $2 billion in long-term resources through different channels. It did syndication deals of $1 billion—$500 million for three years and $500 million for five years, according to SBI’s annual report.
SBI’s board has approved a plan to raise long-term funds up to $3 billion in single or multiple tranches in FY25. It would raise funds through a public offer and/or private placement of bonds in US dollars or other major foreign currencies.
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