SBI to raise Rs1500-cr bonds

SBI to raise Rs1500-cr bonds

Mumbai: State Bank of India is looking to raise 1,500 crore ($367 million) through an issue of upper Tier II bonds this week, sources familiar with the deal said on Wednesday.

The core size is Rs1,000 crore, with the option to retain an oversubscription of Rs500 crore, the sources said.

The maturity is 15 years, with a call option at the end of the 10th year, and the coupon will be 10.1%, payable annually, the sources added.

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