State Bank of India planning $3 billion green bonds

The State Bank of Indiaplans to raise up to $3 billion in the country’s biggest overseas green bond issue, tapping investors such as BlackRock, IFC and JP Morgan-backed entities for funding projects that will help achieve the government’s commitments toward sustainable growth. The SBI has approved the mega fund-raising plan internally and has obtained approval from a global adjudicating authority on green bonds. It is in the process of appointing investment bankers who will help raise cash for the dedicated fund in a few installments over one or two quarters. Reportedly, roadshows for the bond issue will likely begin soon and cover global financial centres such as London.