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State Bank of India raises US$100M via tap issue

State Bank of India raised US$100 million through a tap issue of its existing US$500 million offering.

The three-year floating rate notes bear a coupon of 95 basis points above the three-month U.S. dollar LIBOR.

The tap issue increased the offering size of the senior unsecured notes to US$600 million from US$500 million, the bank said in an April 3 filing.

The notes will be issued through the bank's London branch and will be listed on the Singapore Stock Exchange.