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SBI may raise Rs 1,000 cr through bonds

SBI may raise Rs 1,000 cr through bonds
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First Published: Mon, Jul 23 2007. 04 47 PM IST
Updated: Mon, Jul 23 2007. 04 47 PM IST
PTI
Mumbai: India’s largest lender State Bank of India (SBI) is mulling raising Rs1,000 crore through issue of bonds in the domestic market this week to meet various requirements.
“We have a proposal to raise Rs1,000 crore ($250 million) through perpetual bonds for our various requirements,” a senior bank official told PTI on condition of anonymity.
There has been a round of discussion on the proposal and the bank is likely to issue perpetual bonds this week, he added.
SBI had announced earlier that it will require about Rs15,000 capital during this financial year. Out of this, it has already raised Rs2,600 crore upper tier-II from the domestic market and $225 million tier-I capital from overseas.
The funds are to be deployed against operational risk requirement under the Basel-II norms, the global standard for increased risk provisioning, adopting new accounting standards, asset growth of the bank, possible new ventures and other corporate purposes.
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First Published: Mon, Jul 23 2007. 04 47 PM IST
More Topics: SBI | bonds | Corporate News | Sector Spotlight |