(Reuters)
(Reuters)

SBI raises 1,251 crore by issuing Basel III-compliant bonds

  • The bonds with a face value of 10 lakh each bears a coupon rate of 9.45% per annum payable annually
  • The bonds were subscribed on Friday

New Delhi: The country's largest lender State Bank of India (SBI) Friday said it has raised 1,251.30 crore by issuing Basel III-compliant bonds.

"The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank...aggregating to 1,251.30 crore," SBI said in a regulatory filing.

The bonds with a face value of 10 lakh each bears a coupon rate of 9.45% per annum payable annually with call option after 5 years or any anniversary date thereafter, it said.

The bonds were subscribed on Friday, it added.

State Bank of India (SBI) also said the central board of the bank at its meeting held Friday has accorded its approval for extension of validity period for raising equity capital of up to 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020. 

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