Friday , October 29 2021

SBI to raise Rs 20.45 billion by issuing Basel III-compliant bonds

State Bank of India (SBI) is going to raise Rs 20.45 billion by issuing Basel III-compliant bonds. The committee of directors for capital raising at its meeting held on December 21, 2018, deliberated and accorded approval to allot 20,450 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-1 bonds, for inclusion in additional tier-1 capital of the bank.

The bonds are in the nature of debentures of face value of Rs 1 million each bearing coupon of 9.37 per cent per annum payable annually, with call option after 5 years or any anniversary date thereafter.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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