The proposal has been approved by the Board of Directors and SBI intends to secure funds in single or multiple tranches through a public offer or private placement of senior unsecured notes. According to the bank's statement, these notes will be denominated in US dollars or other major foreign currencies.
“In accordance with Regulation 30 of the SEBI Regulations, 2015, we submit that the Executive Committee of the Central Board in its meeting held today, i.e. June 11, 2024, has, inter alia, examined the situation and on long-term fund raising Approval has been given to take the decision. “In single/multiple tranches of up to US$3 billion through public offering and/or private placement of senior unsecured notes in US dollar or any other major foreign currency during FY 2024-25,” SBI said in an exchange filing. .
The move comes as Indian banks, including SBI, are strengthening their capital reserves to meet rising loan demands. Several other public sector banks, including Canara Bank and Punjab National Bank, also plan to raise funds through the debt route during the current financial year.
“In accordance with Regulation 30 of the SEBI Regulations, 2015, we submit that the Executive Committee of the Central Board in its meeting held today, i.e. June 11, 2024, has, inter alia, examined the situation and on long-term fund raising Approval has been given to take the decision. “In single/multiple tranches of up to US$3 billion through public offering and/or private placement of senior unsecured notes in US dollar or any other major foreign currency during FY 2024-25,” SBI said in an exchange filing. .
The move comes as Indian banks, including SBI, are strengthening their capital reserves to meet rising loan demands. Several other public sector banks, including Canara Bank and Punjab National Bank, also plan to raise funds through the debt route during the current financial year.
