State Bank of India raises funds via bonds

State Bank of India (SBI) has raised funds by allotting 40,210 Non-Convertible, Taxable, Perpetual, Subordinated, Unsecured Basel III compliant Additional Tier 1 Bonds, for inclusion in Additional Tier 1 Capital of the Bank, in the nature of debentures of face value of Rs 10 lakh each, at par, bearing coupon of 9.56% p.a. payable annually with call option after 5 years or any anniversary date thereafter, aggregating to Rs 4,021 crore to the Bond subscribers on December 04, 2018, subject to receipt of funds by the Bank on December 04, 2018.

The Committee of Directors for Capital Raising at its meeting held on December 01, 2018, deliberated and accorded approval for the same.

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.