India’s Axis Bank Raises $500 Million in Offshore Loan From MUFG

Axis Bank Ltd, India’s third-largest private lender, has signed a $500 million offshore loan with Mitsubishi UFJ Financial Group Inc., according to people familiar with the matter, underscoring rising demand for bank credit.

The three-year facility will be priced based on the secured overnight financing rate (SOFR) plus 85-basis point interest margin, the people said, asking not to be identified as the details are private. The bank plans to use the funds for lending and general business purposes, they said.