SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches
Mumbai, NFAPost: State Bank of India (SBI) board has approved a fund raise of up to $2 billion for FY24 through bonds.
SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches, the lender said in a stock exchange filing.
The executive committee of the Central Board in its meeting on 18 April 2023 has approved, inter alia, the following: “To examine the status and decide on long term fund raising in single / multiple tranches up to $2 billion under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2023-24.”
Last month, SBI has raised Rs 3,717 crore through additional tier 1 bond sale. The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25%.
The proceeds will be used to augment its additional tier 1 capital and overall capital base of the bank and also for strengthening capital adequacy in accordance with RBI guidelines.
