The board of directors will meet on April 18 to discuss cash raising.The country’s largest lender, State Bank of India, said on Monday that it is considering raising $2 billion through offshore bonds.
The board of directors will meet on April 18 to discuss obtaining funds through a public offering or private placement of senior unsecured notes in US dollars or any other convertible foreign currency during the fiscal year 2023-24, according to an exchange filing.
SBI raised Rs 3,717 crore in a supplementary tier 1 bond auction last month. The bank stated that this is the third Basel III compliant extra tier 1 (AT1) bond offering, with the most recent issue closing at an 8.25 percent coupon rate.
The funds will be utilized to supplement the bank’s additional tier 1 capital as well as its total capital base, as well as to increase capital adequacy in accordance with RBI rules. These perpetual bonds have a call option after ten years and on each subsequent anniversary.
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