SBI ₹50,000 Crore Fundraising through Debt Instruments
State Bank of India (SBI) announced on Friday that its Board of Directors has granted approval for raising funds up to ₹50,000 crore through the issuance of debt instruments on a private placement basis during the fiscal year 2023-24.
In a filing submitted to the stock exchange, SBI stated, “The Central Board of the Bank has given its consent to raise funds in Indian Rupees or any other convertible currency by issuing debt instruments, such as Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, for an amount of up to ₹50,000 crores through private placement mode to both Indian and/or Overseas investors during the fiscal year 2023-24, subject to necessary approvals from the Government of India.”
As of 2:05 PM on Friday, SBI’s scrip on the Bombay Stock Exchange (BSE) was trading 1.8% lower at ₹577.75.
Just last month, SBI, the largest public sector lender in India, successfully raised $750 million under its $10-billion Global Medium Note program to support its business expansion in international markets.
The funds were raised through the Global Securities Market (GSM) of the International Financial Services Centre (IFSC) at Gandhinagar, India, attracting investments from global investors. SBI’s London Branch issued the bonds at a competitive price with the objective of fueling its overseas business growth. The bank’s achievement underscores the robust confidence that investors place in India’s largest bank and sets the stage for additional foreign currency bond issuances throughout the year.
About SBI:
The State Bank of India (SBI) is a Mumbai-based financial institution and statutory body that operates as a multinational public sector bank, providing banking and financial services.
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