SBI to Raise Rs 20,000 Crore via Bond Issuance
State Bank of India plans to raise up to Rs 20,000 crore by issuing bonds to domestic investors in the current fiscal year. The bank's board has approved the issuance of Basel III compliant bonds. This funding move is subject to government approval.
- Country:
- India
The State Bank of India (SBI) announced on Wednesday its intention to raise up to Rs 20,000 crore through the issuance of bonds targeted at domestic investors in the current fiscal year.
In its regulatory filing, SBI disclosed that its board has given the go-ahead for raising these funds by issuing Basel III compliant Additional Tier 1 and Tier 2 Bonds. The planned fundraising will occur subject to approval from the Government of India where necessary.
SBI's shares witnessed a 1.74% rise on the Bombay Stock Exchange, trading at Rs 831 following the announcement.
(With inputs from agencies.)
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