Offshore Bonds

India's largest private-sector lender tapped offshore markets through its GIFT City IFSC unit, issuing senior unsecured bonds carrying a 5.067 per cent coupon

The deal is the largest by an Indian lender since the State Bank of India's $750 million five-year bond sale in May 2023 and comes as SBI and Bank of Baroda line up similar overseas debt sales

The board will meet on April 18 to consider the fund raising

It would be only the second such offshore offering from an Indian bank after State Bank of India sold such securities in 2016.

Of the proceeds raised, Tata will use $318 million to refinance existing loans and the rest to meet corporate expenses

Company executives said this was also the cheapest bond offering by a renewable firm. The bonds were initially priced at 5.875%. When the rate was reduced to 5.375%, investors continued to book

It was only on Monday that Finance Minister Nirmala Sitharaman said that she isn't rethinking the offshore plan

India remains a small player in the G3 bonds market that's dominated by Chinese firms, which raised an equivalent of $215 billion last year