LIC likely to invest Rs2,000 cr in SBI bonds

LIC likely to invest Rs2,000 cr in SBI bonds
PTI
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First Published: Wed, Feb 25 2009. 09 38 PM IST
Updated: Wed, Feb 25 2009. 09 38 PM IST
Mumbai: State Bank of India has plans to raise around Rs2,000 crore through the issue of upper tier II bonds to Life Insurance Corp. of India Ltd (LIC) by the end of this month, an SBI source said.
The bonds will have a maturity of 15 years and the capital will be used to fuel the business expansion plans of SBI, the source said.
Country’s largest lender has plans to raise around Rs18,000 crore worth funds over a period of one-two years, out of which it has already raised Rs4,000 crore, the source said.
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First Published: Wed, Feb 25 2009. 09 38 PM IST
More Topics: SBI | LIC | Bonds | India | Money Matters |