The State Bank of India’s recent $300 million fundraising through the issuance of Formosa bonds is a testament to foreign investors’ confidence in the country’s growth story, its chairman Dinesh Khara said on Friday.

The lender is the first Indian entity to raise funds via Formosa Bond, a bond issued in Taiwan.

“This successful first issuance of Formosa Bond by an Indian commercial bank is a testament to the confidence of foreign investors in India’s growth story and also in SBI, in particular.

“It’s a reflection of India’s march to the next stage of becoming a developed country,” Khara said at the listing ceremony for Formosa bonds on India INX.

He said the issuance is another step in the direction of globalizing the world, when a bank could raise funds for those markets that have remained untapped for several years.

“It reflects very clearly how far India has come in terms of acceptability to all international investors,” Khara said.

The lender had said that a wide range of investors such as supranational agencies, asset managers, private bankers and financial institutions had invested in the issue.

Given the strong demand, the price guidance has been revised from the T+130 bps zone to T+100 bps.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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