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India’s largest lender SBI mulls raising $1.2 bn via infra bonds

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State Bank of India , the country’s largest lender, said on Thursday it would consider raising funds by issuing up to ₹100 billion ($1.2 billion) of infrastructure bonds.

The executive committee of the central board of the bank will meet on November 29 to consider the fundraising, which will also include a greenshoe option of ₹50 billion, the bank said in a stock exchange filing.

The fundraising, if approved, would be through a public issue or private placement during fiscal 2023, the bank added.

Analysts said in September that Indian banks might continue their fundraising spree over the next few months by issuing securities, including infrastructure bonds, as they rush to meet rising credit demand and lock in funds at cheaper rates.

Indian banks’ credit growth was 17% year-on-year in the 14 days ended November 4, according to data from the Reserve Bank of India.

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