Bank of Baroda has raised a $500-million five-year syndicated term loan through its International Financial Services Centre (IFSC) Banking Unit in Gujarat International Finance Tec-City (GIFT City), according to an official statement issued here on Thursday.
Proceeds from the facility will be used for general banking and corporate purposes, according to the statement.
The term loan raising saw participation from 13 investors across Asian markets including Taiwan, South Korea, Japan, and Singapore.
According to the statement, the transaction aims to broaden its global investor base, increasing participation from investors in Asia. It also aims to diversify its funding sources alongside its domestic investor base, which participates in local currency issuances, the statement mentioned.
MUFG Bank and HSBC acted as mandated lead arrangers, underwriters and book runners for the transaction.
“This successful transaction reinforces the confidence that global institutions place in Bank of Baroda’s prudent financial management and long-term strategic direction. The participation from investors across Asia reflects growing international interest in the bank and
supports our focus on diversifying funding sources and strengthening global investor engagement,” Bank of Baroda MD& CEO Debadatta Chand said.