State Bank of India (SBI), the country's top lender, has hired six banks for a euro bond issue of 500 million to 750 million euros ($680 million-$1.02 billion) and will begin investor meetings on Nov. 17, IFR reported.
Indian companies have raised a record $7.47 billion through offshore bonds in 2010, according to Thomson Reuters Data.
The SBI offer would be the first large euro issue by an Indian borrower since March 2007, when ICICI Bank raised 500 million euros through a two-year floating rate bond.
SBI has mandated Barclays Capital, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Standard Chartered and UBS to arrange the offering, according to IFR and other sources familiar with the matter.
SBI is expected to make presentations to investors in Frankfurt, London, Munich and Paris, sources said.
Bankers said the pricing and tenor of the deal would depend on feedback from investors during the roadshows.
SBI's bond would be its first benchmark-sized offering in the currency. In July 2005, SBI issued a 100 million euro five-year note. That deal was a private placement and matured in August this year.
src-ET
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