SBI Raises $750 Million Loan from GIFT City Branch

State Bank of India (SBI) successfully raised $750 million through a term loan from its GIFT City branch. Originally aimed at $350 million, the loan was upsized and oversubscribed by 2.2 times, drawing participation from 11 institutions across the globe. The funds will be used for general corporate purposes.

State Bank of India (SBI), the country's largest lender, obtained a term loan of USD 750 million from its GIFT City branch, according to an announcement by lead arranger Mashreq on Tuesday.

The unsecured syndicated term loan facility, signed on July 11, was originally intended to raise USD 350 million in May 2024 but was upsized to USD 750 million due to oversubscription.

With participation from 11 institutions, the loan was 2.2 times oversubscribed, attracting interest from investors in the Middle East, South Asia, Africa, Germany, and South Korea. The funds will be used for general corporate purposes, as stated by SBI.

(With inputs from agencies.)