Question

    Which of the following city of Gujarat become

    India’s first operational smart city with the development of world-class infrastructure and sustainable master planning?
    A GIFT City Correct Answer Incorrect Answer
    B IT Park City Correct Answer Incorrect Answer
    C SIDCUL City Correct Answer Incorrect Answer
    D FIAT City Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    State Bank of India has raised USD 500 million through a three-year syndicated loan facility, via its International Financial Services Centre (IFSC) Gujarat International Finance Tec (GIFT) City branch. The facility is worth USD 400 million, with a USD 100 million greenshoe option. SBI, on the other hand, did not provide pricing information. The SBI’s Gift City branch has raised its first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan. SBI has taken another major step in promoting IFSC Gift City as an international financial hub, with its Gift City branch becoming the largest in the IFSC. The substantial footprint SBI has established in offshore financial markets has facilitated the successful execution of syndicated loans at such fine pricing.

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