SBI garners $1 bn to cater to ESG financing market
The bank has concluded the issuance of $1 billion ($750 million and green shoe of $250 million) through Syndicated Social Loan, SBI said in a regulatory filing.
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NEW DELHI: State Bank of India (SBI) on Wednesday said it has raised $1 billion or (about Rs 8,300 crore) to cater to the domestic ESG financing market.
The bank has concluded the issuance of $1 billion ($750 million and green shoe of $250 million) through Syndicated Social Loan, SBI said in a regulatory filing.
The loan book was closed on January 2, 2024, it said. Last year too, the country’s largest lender had raised $1 billion syndicated social loan.
The fund raised would would cater to domestic ESG (Environmental, Social and Governance) financing market. The two tenures: a three-year and a five-year loan were raised at 80 basis points and 100 basis points over the secured overnight financing rate respectively.
SOFR is a benchmark rate for dollar-denominated derivatives and loans, which replaced the London Interbank Offered Rate or Libor.