A recent report said that State Bank of India (SBI) has planned to raise overseas debt of $5 billion this fiscal through the medium term note (MTN) route.
Mr. Pratip Chaudhuri, Chairman, SBI, said that the timing and the number of tranches for the fund-raising will be based mainly on the on credit growth in the domestic market. He said that the bank a total objective of $5 billion at present and in case there is demand for assets then it will go in to raise money.
He added saying that SBI could tap the overseas markets for the MTN transaction in the second or third quarter of this fiscal and that the bank was looking to raise offshore debt of $ 3-4 billion in 2011-12.
Mr. Chaudhuri also said that SBI will not finance realty projects that are mired in land acquisition disputes.