SBI to raise $500-$600 mln in offshore borrowing

State Bank of India plans to raise $500-$600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday.

India's largest lender priced a five-year, $1 billion bond issue with a coupon of 3.25% last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business.