Bank of India seeks its first dollar loan in more than a decade
Bank of India is marketing its first dollar syndicated loan since 2012 of as much as $400 million, people familiar with the matter said, at a time when more Indian borrowers are tapping global credit markets.
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The Indian lender is raising the loan — split into three- and five-year tranches — via its branch located in Gujarat International Finance Tec-City, India’s newest financial hub, said the people, who asked not to be named discussing private matters. CTBC Bank Co. and Standard Chartered Plc are the arrangers of the facility, the people added.
An external media representative for Bank of India confirmed the receipt of an email requesting comment, but wasn’t immediately able to give further details when contacted by Bloomberg News.
Bank of India joins a slew of other Indian borrowers seeking to raise foreign currency debt this year. Reliance Industries Ltd. is looking to borrow as much as $3 billion, in what could be the largest loan from the country since 2023, while Shriram Finance Ltd. is planning to syndicate part of a $1.28 billion multi-currency social financing, the biggest ever offshore deal from an Indian shadow lender.
Meanwhile, State Bank of India is marketing a ¥30 billion ($191 million) syndicated facility and is planning to raise another
