India’s IndusInd Bank has raised $500m syndicated term loan from a group of foreign lenders for general banking purposes.
The tenor of the facility is three years, the bank in its regulatory filing stated.
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The bank said it intends to utilise the new funds along with other financing raised during this fiscal year to expand its business and lending to its clients.
In June 2017, IndusInd Bank had raised $225m from the US Government funding agency Overseas Private Investment (OPIC) to support its lending business to small and medium enterprises.
Later in September, the bank again raised an additional loan of $200m from the Asian Development Bank (ADB) to lend to the low-income group women in the rural areas.
Last month, IndusInd Bank received the approval from the Competition Commission of India (CCI) for its proposed merger with microfinance company Bharat Financial Inclusion (BFIL).
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By GlobalDataThe deal was announced in October last year is also subject to Reserve Bank of India and other statutory and regulatory approvals.
Under the merger deal, BFIL shareholders will receive 639 IndusInd Bank shares for every 1,000 shares of BFIL.
