SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) said it has raised USD 500 million (over Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch, a release said. The facility is for USD 400 million plus USD 100 million as a green shoe option.

“The successful launch of 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 ongoing turbulence in the markets caused by geopolitical tensions and rate hike expectations by US Federal Reserve and other central banks across the globe,” its Managing Director Ashwini Tewari said.

MUFG, Bank of America and JP Morgan were the joint lenders for this offering whereas Fist Abu Dhabi Bank acted as the facility agent. It is another step towards the bank’s commitment to develop IFSC Gift City as an international financial hub, the release said.