SBI to mobilise Rs2,000 crore via Basel-III bonds
New Delhi: India’s largest lender State Bank of India (SBI) plans to raise Rs2,000 crore by allotting Basel-III compliant bonds to various investors.
“The committee of directors for capital raising accorded its approval today to allot 20,000 AT1 Basel-III compliant non-convertible, perpetual, subordinated bonds in the nature of debentures... aggregating Rs 2,000 crore to various investors,” SBI said in a regulatory filing on Thursday.
SBI said the bonds will carry a coupon rate of 8.15% per annum with a call option after five years or the anniversary date thereafter.
Shares of SBI were trading 1.67% lower at Rs302.50 on the BSE.