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SBI Raises $500 Million Through 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.

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State Bank of India File Photo

The country's largest lender State Bank of India (SBI) on Monday said it has raised $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 $400 million-plus $100 million as a greenshoe option.

"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 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 First Abu Dhabi Bank acted as the facility agent.

It is another step towards the bank's commitment to developing IFSC Gift City as an international financial hub, the release said. 

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