State Bank Of India to raise $300mn
State Bank Of India to raise $300mnReuters

SBI, India's largest lender, plans to raise $300 million through a bond issue with the proceeds to be used for general corporate purposes.

The bank's London branch has issued the bond, and notes will carry an interest rate of 3.95%, payable semi-annually, according to the bank's BSE filing. It will be ranked as senior unsecured fixed note.

The bonds are expected to be classified moderate risk, with Moody's to rank the issue as Baa3--the lowest rating of investment and S&P as BBB--the lowest investment grade.

SBI has chosen to list the notes at SIX Swiss Exchange.

SBI shares ended Friday down 0.81% at 317.65.