CORRECTED - State Bank of India to lend $500-$600 mln offshore

(Corrects headline and first paragraph to say SBI will lend $500-$600 million, not raise)

MUMBAI, April 16 (Reuters) - State Bank of India plans to lend $500-$600 million to corporates in 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 percent last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business.

(Reporting by Swati Pandey; Editing by Gopakumar Warrier)