State Bank of India to raise $500-$600 mln in offshore borrowing

MUMBAI, April 16 Tue Apr 16, 2013 6:00am EDT

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MUMBAI, April 16 (Reuters) - State Bank of India plans to raise $500-$600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday.

India's largest lender priced a five-year, $1 billion bond issue with a coupon of 3.25 percent last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business. (Reporting by Swati Pandey; Editing by Gopakumar Warrier)

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