In FY25, the SBI board authorizes raising up to ₹20,000 crore through long-term bonds.
According to a business exchange filing, the Central Board approved raising long-term bonds up to Rs. 20,000 crore through a public offering or private placement during FY25, among other things, during its meeting today, June 19, 2024.
The intention of the board of State Bank of India, the biggest public sector bank in the nation, to raise up to ₹20,000 crore through long-term bonds in the fiscal year 2024–25 was approved, the bank announced on Wednesday, June 19.
"The company stated in an exchange filing that the Central Board approved the raising of long-term bonds up to Rs. 20,000 crore through a public issue or private placement, during FY25," among other things, during its meeting today, June 19, 2024.
SBI raised ₹5,000 crore in January by offering perpetual bonds with an 8.34% interest rate. The bank raised ₹20,000 crore in the previous fiscal year through the issuance of infrastructure bonds with a 15-year maturity.
SBI raised an additional $100 million this month by offering three-year senior unsecured floating-rate notes through its London branch. The bonds were priced at a premium of 95 basis points above the secured overnight financing rate (SOFR).
In order to fulfill the rising demand for loans, Indian banks have been strengthening their capital basis. This fiscal year, a number of state-run lenders—including Punjab National Bank and Canara Bank—plan to issue debt in order to raise money.
What's Your Reaction?
