SBI to consider funds raising via private placement
The bank will seek approval for raising funds during FY24 through private placement mode by way of issuance of debt instruments
PremiumState Bank of India (SBI) on Monday said that a meeting of the central board of the bank is slated to be held on Friday to consider approval for raising funds via private placement.
In a statement to the BSE, SBI said: “…a meeting of the Central Board of State Bank of India is scheduled to be held on Friday, 9th June, 2023 to seek approval for raising funds during FY24 through private placement mode by way of issuance of debt instruments (including capital instruments) in INR and/or any foreign currency."
On Monday, shares of SBI closed down 0.034% at Rs587 on the NSE.
The bank’s subsidiary SBI Card on Monday said it would raise up to ₹3,000 crore by issuing non-convertible debentures (NCDs) to fund business growth.
The board has approved the raising of funds by way of issuance of NCDs, aggregating to ₹3,000 cores in one or more tranches, SBI Card said.
This fundraising would be done through private placement in one or more tranches over a period of time.
To cater to the various banking needs of customers in Bengaluru, SBI on June 2 launched project Kuber.
Under the project Kuber, there are four transaction banking hubs and one corporate salary package hub.
These hubs will help in increasing the market share in liability products of SBI.
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