SBI executes $500 million off-shore borrowing from IFSC Gift City branch

This is the first offshore USD SOFR linked syndicated loan by SBI through Gift City branch

State Bank of India (SBI), acting through its IFSC Gift City branch, has raised 3-year funds of $500 million through syndicated loan facility, the bank said in a statement.

The facility is for $400 million plus $100 million as green shoe option. It’s strong presence in international markets helped it to get a “very tight pricing”, it said.

This is the first off-shore USD SOFR linked syndicated loan by SBI through Gift City branch, it added.

Ashwini Kumar Tewari, MD, SBI said, “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.” 

“This is another important step taken by us to promote IFSC Gift City as international financial hub,” he added.