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Business News/ Markets / Stock Markets/  State Bank of India (SBI) to raise 10,000 crore through infrastructure bond
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State Bank of India (SBI) to raise ₹10,000 crore through infrastructure bond

SBI is going to consider the fund raise proposal in its next meeting scheduled on 3rd January 2022

SBI share price has ascended more than 300% in last three years. (MINT)Premium
SBI share price has ascended more than 300% in last three years. (MINT)

The State Bank of India (SBI) is mulling to rise 10,000 crore fund through infrastructure bond. India's largest bank informed Indian bourses that the Executive Committee of the Central Board of SBI is going to consider the fund raise proposal in its next meeting scheduled on 3rd January 2022. The Executive Committee of the Central Board of SBI would also consider whether the fund will be raised through public issue or through private placement in FY23.

Informing Indian stock market exchanges about the fund raise, SBI said, "Pursuant to Regulation 29 (1) (d) and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we inform that a meeting of the Executive Committee of the Central Board of State Bank of India is scheduled to be held on Tuesday, 3rd January, 2023 to consider inter alia, to seek approval for raising of Infrastructure Bonds up to an amount of 10,000 crores through a public issue or private placement, during FY23."

After the newsbreak of SBI raising 10,000 crore via infra bonds, SBI shares attracted attention of Dalal Street bulls in early morning deals. After opening with downside gap, SBI share price is now witnessing upside move and it is currently trading around half a per cent higher from its Wednesday close price of 601.05 apiece on NSE. SBI shares rebounded from its intraday low of 597.15 per share and made intraday high of 603.85 apiece. The PSU bank stock had recently made its life time high of 629.55 apiece on 14th December 2022.

SBI shares have remained sideways for the last one month and in last six months, it has risen from around 460 to 603, logging more than 30 per cent upside in this time. This PS

U bank stock has surged from around 150 to 603 apiece levels in stock market rebound post-Covid. Means, SBI share price has delivered around 300 per cent return to its shareholders in last three years.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 29 Dec 2022, 12:06 PM IST
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