SBI raises US $1.25 billion funds through bonds from overseas market

Ahmedabad: SBI Chairman Rajnish Kumar on Saturday said that India’s largest public sector lender has raised the US $ 1.25 billion through bonds from the overseas market.

Kumar said: “State Bank of India, the country’s largest bank, has raised the US $ 1.25 billion through bonds from the overseas market.”

“We are glad to announce that the issue received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of US $ 3.2 billion across more than 122 accounts,” he said.

“The successful issuance demonstrates the strong niche investor base SBI has created for itself in offshore capital markets allowing it to efficiently raise funds even during periods of heightened currency and rates volatility,” Kumar added.

“We are delighted to note that SBI’s US $ 1.25 billion fundraising was well received by international investors.

This firmly establishes INDIA INX and GIFT IFSC as a credible and competitive international jurisdiction for raising capital from global investors,” said V Bala, Managing Director, and CEO, INDIA INX,

Bombay Stock Exchange’s (BSE) India International Exchange IFSC Ltd (INDIA INX) has also welcomed the SBI’s issuance of bonds worth the US $ 1.25 billion for listing on its Global Securities Market (GSM).

GSM is India’s first and leading capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec-City (GIFT City) IFSC.

The listing ceremony for US$ 1.25 billion bond issuance was conducted on January 19 at GIFT IFSC, which was presided over by SBI Chairman Kumar, in the presence of Ashishkumar Chauhan, Chairman, INDIA INX, and V Balasubramaniam, MD, and CEO, INDIA INX.