Mumbai: Country’s largest lender SBI on Wednesday said it will raise long-term capital of up to $1.5 billion (over Rs 10,000 crore) by issuing bonds in US dollar or other convertible currency.
SBI said in a BSE filing that the decision is the outcome of the executive committee meeting of the Board today.
The Executive Committee of the Central Board in its meeting held on June 29, 2016, has approved “to raise long term funds up to $1,500 million in single/multiple tranches”, SBI said in the filing.
It said the fund raising will take place through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during the current financial year 2016-17.
SBI stock was trading 0.72 per cent higher at Rs 217.85 on BSE.