Mumbai: State Bank of India (SBI), the country’s largest lender, received subscriptions for Rs8580 crore for a bond sale, or more than 8.5 times the minimum on offer, two sources with direct knowledge said on Tuesday.

The state-run bank aimed to raise Rs1000 crore, with a greenshoe option for an equal amount. However, the bank said in its prospectus it had the option to retain up to Rs10000 crore if subscriptions from retail investors were more.

The bank, which along with its associates controls about a quarter of all loans in India, is raising the money to meet its assets growth. Demand for loans in the country expanded 23.9% on year as of 11 February.

Retail investors put in bids for Rs4572 crore, compared with the minimum Rs500 crore offered, said the sources who could not be identified as they were not authorised to speak to the media.

For high net worth, individuals, the subscription was Rs508 crore and for qualified institutional buyers it was Rs3501 crore, compared with the minimum offer of Rs250 crore each, they said.

SBI’s previous public bond issue in October 2010, worth Rs500 crore, was subscribed 20 times, with the bank retaining Rs1000 crore.