Mumbai (Maharashtra) [India], The board of State Bank of India (SBI) has approved a proposal to raise US$ 3 billion through debt in FY2015. The lender will raise funds in one or more tranches through a public offering or private placement of senior unsecured notes in USD or any other major foreign currency.
India's largest public sector bank, SBI, said through an exchange filing that its board has approved raising up to US$3 billion through debt in the current financial year. In an exchange filing, the state-run lender says
"...The Executive Committee of the Central Board at its meeting held today, i.e. June 11, 2024, inter alia, examined the situation and decided on long-term fund raising in single/multiple tranches up to USD 3 billion "Under RegS/144A, through public offering and/or private placement of senior unsecured notes in US dollars or any other major foreign currency during FY 2024-25", SBI said.However, in the exchange filing the public sector bank did not mention what the funds would be used for.
The move comes as Indian banks, including SBI, are strengthening their capital reserves to meet the growing demand for loans.
Several public sector banks like Canara Bank, Punjab National Bank and Punjab & Sind Bank are also planning to raise funds through debt in the current financial year.
SBI raised Rs 5,000 crore by selling BASIS III-compliant additional Tier-I perpetual bonds in January this year.
SBI Chairman Dinesh Khara had said last month that the bank is also ready to raise equity capital to support growth
Many other public sector banks including Canara Bank, Punjab and Sindh Bank and Punjab National Bank also plan to raise funds through debt in this financial year.Share price of State Bank of India was trading 0.34 per cent higher at Rs 834.65 on the NSE at 2:56 pm.
India's largest public sector bank, SBI, said through an exchange filing that its board has approved raising up to US$3 billion through debt in the current financial year. In an exchange filing, the state-run lender says
"...The Executive Committee of the Central Board at its meeting held today, i.e. June 11, 2024, inter alia, examined the situation and decided on long-term fund raising in single/multiple tranches up to USD 3 billion "Under RegS/144A, through public offering and/or private placement of senior unsecured notes in US dollars or any other major foreign currency during FY 2024-25", SBI said.However, in the exchange filing the public sector bank did not mention what the funds would be used for.
The move comes as Indian banks, including SBI, are strengthening their capital reserves to meet the growing demand for loans.
Several public sector banks like Canara Bank, Punjab National Bank and Punjab & Sind Bank are also planning to raise funds through debt in the current financial year.
SBI raised Rs 5,000 crore by selling BASIS III-compliant additional Tier-I perpetual bonds in January this year.
SBI Chairman Dinesh Khara had said last month that the bank is also ready to raise equity capital to support growth
Many other public sector banks including Canara Bank, Punjab and Sindh Bank and Punjab National Bank also plan to raise funds through debt in this financial year.Share price of State Bank of India was trading 0.34 per cent higher at Rs 834.65 on the NSE at 2:56 pm.
