SBI Board approves raising of up to Rs 25K cr via bonds

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SME Times News Bureau | 15 Jul, 2020
The Central Board of the State Bank of India (SBI) on Wednesday approved the raising of up to Rs 25,000 crore through bonds in the financial year 2020-21.

In a regulatory filing, the bank said that it has approved the "raising of capital by issuance of Basel III compliant debt instruments in USD and/or INR during FY21."

The fund raising would include fresh Additional Tier 1 (AT 1) capital up to an amount of Rs 4,000 crore and raising of fresh Tier 2 capital up to an amount of Rs 10,000 crore.

The board also approved "to redeem existing Tier 2 capital bonds of Rs 11,015 crore having call dates during FY21 and replacing the same by raising fresh Tier 2 capital bonds of the same amount".