State Bank of India Considers Raising $2 Billion Through Offshore Bonds in 2023-24 Financial Year
- ByStartupStory | April 11, 2023
The largest lender in the nation, State Bank of India, announced on Monday that it may look into raising $2 billion through offshore bonds.
The bank announced in an exchange filing that the board will meet on April 18 to discuss raising money through a public offering or private placement of senior unsecured notes in US dollars or any other convertible foreign currency during the financial Year 2023–24.
SBI raised Rs 3,717 crore through an additional tier 1 bond sale last month. The latest issue of the Basel III-compliant additional tier 1 (AT1) bonds was closed at a coupon rate of 8.25 percent, according to the bank. The proceeds will be used to strengthen capital adequacy in accordance with RBI guidelines, as well as to increase the bank’s additional tier 1 capital and overall capital base.
A call option is available on these perpetual bonds after ten years and on each anniversary after that.
Follow Startup Story
Related Posts
