SBI raises $500 million offshore loan through IFSC Gift City branch

India's largest lender State Bank of India (SBI) on Monday said it has raised 3-year funds of $500 million through a syndicated loan facility at "very fine pricing". The lender has raised the money acting through its IFSC Gift City branch.

"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," Ashwini Kumar Tewari, Managing Director, SBI, said commenting on the transaction.

"This is another important step taken by us to promote IFSC Gift City as an international financial hub," Tewari said.

This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by the State Bank of India through its Gift City branch.

MUFG, Bank of America and JP Morgan were the Joint lenders for this offering whereas First Abu Dhabi Bank acted as facility agent, SBI said in a statement.

( With inputs from ANI )