State Bank of India gets board nod to raise nearly Rs 17,000 crore via bonds

SBI will raise the fund in single or multiple tranches through a public offer or private placement of senior unsecured notes in US Dollar or any other convertible currency

By BusinessToday.In  
Wednesday, April 24, 2019

State Bank of India, the country's commercial lender, on Wednesday said its board has given approval to raise USD 2.5 billion (about Rs 17,000 crore) through bonds to fund expansion of overseas business.

The executive committee of the central board in its meeting held on 24th April 2019 has approved the fund raising proposal, SBI said in a regulatory filing.

The public sector lender will raise the fund in single or multiple tranches through a public offer or private placement of senior unsecured notes in US Dollar or any other convertible currency.

Also Read: HDFC gets RBI approval for holding up to 9.9% stake in Bandhan Bank

"Long term fund raising in single/multiple tranches up to USD 2.5 billion through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2019-20," SBI informed the exchange.

A meeting of the board of directors of SBI will be held on Friday, April 26, 2019, at Mumbai, to consider audited financial results and dividend for the year ended on March 31, 2019.

Last month, SBI's central board approved extension of validity for raising equity capital of up to Rs 20,000 crore till March 31, 2020. The bank will raise the fund by the way of public issue or private placement, including Qualified Institutions Placement (OIP), Global Depository Receipt (GDRs), American Depository Receipt (ADRs).

Meanwhile, shares of SBI closed trade at Rs 310.70 apiece, up 1.65 per cent, on the Bombay Stock Exchange on Wednesday.

Edited by Chitranjan Kumar

Also Read: Consumers getting GST rate cut benefits more than before: Survey

Related Stories

Johnson & Johnson's largest India plant idle three years after completion
Johnson & Johnson's largest India plant idle three years after completion
Clarity on Jet Airways to emerge within a week, says SBI chairman Rajnish Kumar
Clarity on Jet Airways to emerge within a week, says SBI chairman Rajnish Kumar
9 of top-10 firms add Rs 82,379 crore in m-cap; Kotak, HDFC Bank steal the show
9 of top-10 firms add Rs 82,379 crore in m-cap; Kotak, HDFC Bank steal the show

Latest Stories

Lok Sabha election 2019 Phase 7: World's highest polling station records 132% voting till 3 pm
Lok Sabha election 2019 Phase 7: World's highest polling station records 132% voting till 3 pm
Japan's Orix Corp plans to buy remaining 51% stake in IL&FS' wind energy assets
Japan's Orix Corp plans to buy remaining 51% stake in IL&FS' wind energy assets
Lok Sabha Election 2019: Sebi, stock exchanges beef up surveillance mechanism
Lok Sabha Election 2019: Sebi, stock exchanges beef up surveillance mechanism
SPONSORED