New Delhi

HDFC Bank has raised $1.75 billion through overseas bonds to fund business growth, marking the largest-ever fundraising by an Indian bank since the global financial crisis.

The bank, through its GIFT City branch, issued $500 million of three-year senior unsecured notes carrying a coupon of 5.16 per cent and $1.25 billion of five-year notes at 5.4 per cent, it said in a regulatory filing.The bonds will be listed on India International Exchange (India INX) and NSE International Exchange (NSE-IX). The issue attracted investors from Asia, the US and Europe. Strong demand, tight pricing and wide global distribution reflected investor confidence in the lender, analysts said. With this issue, HDFC Bank has raised $2.5 billion through dollar bonds since June, making it the leading lender to tap such funds since the Reserve Bank of India opened its FCNR window in June.

The fundraising came a day after the RBI approved Life Insurance Corporation of India’s proposal to acquire up to a 9.99 per cent stake in HDFC Bank.