Indian Bank raising $400 million in overseas loan; syndication underway

MUMBAI: Indian Bank is raising $400 million through a four-year loan equally underwritten by Taiwan‘s CTBC and Commerzbank of Germany. The loan is being priced at between 119 to 123 basis points above the SOFR rate and is already into syndication where more banks may join the loan deal, people familiar with the matter said. The loan will benefit from RBI’s special swap facility for such loans.