The country’s largest bank, State Bank of India (SBI), plans to raise $2 billion in long-term funding from international markets this fiscal year (FY23). The bank informed the BSE that the Executive Committee of the Bank’s Central Board of Directors would meet on May 10 to review the status and decide on single/multi-tranche long-term financing.

It added that fundraising could be done through public offerings and the issuance of senior unsecured notes (bonds) in US dollars or any other convertible currency. Shares of SBI closed at Rs 479.60 per share on the BSE, down 2.27 per cent on Wednesday. Last month, SBI raised $500 million (over Rs 3.8 crore) through its IFSC Gift City branch.

According to the press release, this is the first offshore syndicated loan raised by SBI through its Gift City branch, tied to the USD Secured Overnight Financing Rate (SOFR). The facility is priced at $400 million, plus $100 million as a greenshoe option.