State Bank of India (SBI), announced on Monday its intention to raise up to $2 billion in the fiscal year 2023-24 through the sale of overseas bonds.
This amount is expected to surpass the foreign fundraising efforts made by three private-sector competitors, including HDFC Bank, in the previous year.
On April 18, the board of Mumbai-headquartered State Bank of India (SBI) will convene a meeting to discuss the possibility of raising funds through the sale of senior unsecured notes. It is anticipated that SBI will release these bonds in several installments to foreign investors.
SBI's senior unsecured notes may be issued in any currency, including the US dollar, despite ongoing discussions worldwide about the future direction of interest rates in the US and the possible trajectory of the world's reserve currency amid a year of limited global growth at best.
State Bank of India (SBI), which represents almost 20% of all outstanding bank loans in India, stated on Monday evening that it will assess the situation and select the means of long-term fundraising, which may involve issuing senior unsecured notes in US dollars or other convertible foreign currencies. This could be done through a public offer or private placement under Reg-S/144A.
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