The board of State Bank of India (SBI) on Tuesday approved raising up to $2 billion via overseas bond sales during the current financial year.

 The bonds may be denominated either in dollars or any other currency, the bank said in a regulatory filing. The long-term fund raising may be in single or multiple tranches.

On 18 April, SBI had, through its IFSC Gift City branch, raised three-year funds of $500 million through syndicated loan facility at “very fine pricing”. MUFG, Bank of America and JP Morgan were the joint lenders for the offering while First Abu Dhabi Bank acted as facility agent.

 In January 2021, India’s largest bank raised $600 million at a record low coupon offered to international investors. It sold five and a half-year duration bonds at a coupon of 1.8%. It obtained bids worth $2 billion for the bond sale.