Bank of India looks forward for first dollar loan of $400 million

Bank of India is marketing its first dollar-denominated syndicated loan since 2012, seeking to raise to $400 million, according to sources familiar with the matter. This initiative comes at a time when more Indian borrowers are accessing global credit markets.

The Public-Sector bank plans to raise the loan, divided into three- and five-year tranches, through its branch located in Gujarat International Finance Tec-City, India’s newest financial hub. CTBC Bank Co. and Standard Chartered Plc serve as the facility’s arrangers. 

Bank of India’s efforts align with a growing trend among Indian borrowers looking to secure foreign currency debt this year. Notably, Reliance Industries Ltd. is seeking to borrow up to $3 billion, which could mark the largest loan from India since 2023.

Meanwhile, Shriram Finance Ltd. is planning to syndicate part of a $1.28 billion multi-currency social financing deal, potentially the largest offshore transaction from an Indian shadow lender.

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