NEW DELHI: State Bank of India (SBI) on Wednesday said it has raised $1 billion or (about Rs 8,300 crore) to cater to the domestic ESG financing market.

The bank has concluded the issuance of $1 billion ($750 million and green shoe of $250 million) through Syndicated Social Loan, SBI said in a regulatory filing.

The loan book was closed on January 2, 2024, it said. Last year too, the country’s largest lender had raised $1 billion syndicated social loan.

The fund raised would would cater to domestic ESG (Environmental, Social and Governance) financing market. The two tenures: a three-year and a five-year loan were raised at 80 basis points and 100 basis points over the secured overnight financing rate respectively.

SOFR is a benchmark rate for dollar-denominated derivatives and loans, which replaced the London Interbank Offered Rate or Libor.