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SBI board approves $2-billion fundraise via bonds for FY23

Other News Materials 11 May 2022 12:50
SBI board approves $2-billion fundraise via bonds for FY23

The board of State Bank of India (SBI) on Tuesday approved the bank’s proposal to raise up to $2 billion through debt securities in the international market in FY23.

The approval applies to long-term fundraising in a single or multiple tranches under Reg-S/144A, through a public offer or private placement of senior unsecured notes in US dollar or any other convertible currency.

Last month, SBI had raised $500 million through its IFSC Gift City branch, the bank’s first offshore USD secured overnight financing rate (SOFR)-linked syndicated loan through the branch.

SBI’s capital adequacy ratio (CAR) as at the end of Q3FY22 stood at 13.23%, with the tier-1 ratio at 10.91%. The bank’s shares ended at Rs 475.10 on the BSE on Tuesday, down 0.13% from their previous close.

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