SBI To Raise $1.5 Billion By Issuing Bonds

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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.

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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.

PTI

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