OPEN APP
Home / Industry / Banking /  SBI to raise up to $2 billion through bonds in FY23
Listen to this article

The board of State Bank of India (SBI) on Tuesday approved raising up to $2 billion through bonds during the current financial year.

The executive committee of the central board of SBI has approved a proposal to examine and decide on long-term fund raising in single or multiple tranches “under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY23“.

Earlier on 18 April, India’s largest bank said that acting through its IFSC Gift City branch, it has raised three-year funds of $500 million through syndicated loan facility at “very fine pricing". While MUFG, Bank of America and JP Morgan were the joint lenders for the offering, Fist Abu Dhabi Bank acted as facility agent.

As on 31 December, SBI’s capital adequacy ratio under Basel III norms stood at 13.23%, down 127 bps y-o-y. The ratio will increase 94 bps if the profits of the first nine months of this financial year are included, the bank had said while announcing financial results in February.

In February, the bank had expected to grow its loan book by 9% in FY22. In Q3, SBI witnessed a domestic credit growth of 6.47% year-on-year (y-o-y) and a deposit growth of 8.58% y-o-y. While its whole bank advances – including foreign offices – grew 8.47%, its total deposits grew 8.83% y-o-y.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout