SBI board to consider $3-billion fundraise
SBI's board of directors to meet on June 11 to consider raising up to $3 billion through foreign currency bonds issued abroad.
's () of will meet on June 11 to consider raising up to $3 billion through issued abroad, the country's most-valued government entity said in a stock market filing.The could be in single or multiple tranches of up to $3 billion through a or private placement of senior unsecured notes in US Dollar or any other major foreign currency during the current fiscal year ending March 2025, the bank said.
India's largest lender by assets is a regular in the overseas bond market as it raises resources to fund its abroad. Earlier this year in January, the bank raised $600 million through five-year US dollar-denominated bonds at a coupon rate of 5.1% from its London branch. The five-year bond issue followed the $250 million the lender raised by issuing green bonds in the last week of December 2023.
Separately, late last month another public sector lender, , said its board had approved a capital raising plan of ₹8,500 crore for the financial year 2024-25 by issuing Tier I or Tier II bonds. Out of this, ₹4,000 crore will be raised through Tier I bonds and ₹4,500 crore will be raised issuing Tier II bonds, subject to market conditions and necessary approvals, the bank said.
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Source: Stocks-Markets-Economic Times
