In order to finance the expansion of its international business, SBI, the largest public sector lender in the nation, raised USD 750 million on Monday under its USD 10 billion Global Medium Note program. Global investors contributed the funds at Gandhinagar’s GIFT International Financial Services Centre (), which is part of INX’s Global Securities Market (GSM).
The London Branch of SBI issued the bonds, which had a competitive pricing and were intended to finance the expansion of offshore businesses. According to the statement, this shows that investors have a lot of faith in the nation’s biggest bank and prepares the way for a robust pipeline of foreign currency bond issuances this year.
Dinesh Khara, chairman of SBI, commented on the listing and noted that its success shows how strong of an investor base SBI has built in the international capital markets.
The issue saw the highest spread compression among all USD Indian bond issuances this year as a result of the substantial participation from numerous marquee customers across geographies, it said.
According to him, the bond issue’s listing on INX Gift City highlights the goal of turning Gift City into a hub for all international business prospects, including foreign currency fund-raising initiatives.
