SBI to raise Rs 10,000 cr via AT1 bonds to support biz growth
Mumbai/IBNS: State Bank of India (SBI) is looking to raise Rs 10,000 crore via additional tier - 1 (AT1) bonds until March 2024, to fund business growth.
On Wednesday, SBI informed BSE that its board approved the fundraise in a meeting via the BASEL III-complaint debt instrument in rupee or any other convertible currency till FY24.
This fundraising would be subject to the Government of India's concurrence, SBI said.
The bank wants to raise this capital before March and the issuance would be in tranches based on the appetite of the market, it said
In September 2022, SBI already raised over Rs 10,800 crore in debt capital via tier I bonds (Rs 6,872 crore) and tier II bonds (Rs 4,000 crore). It issued AT1 bonds at a cut-off of 7.75 percent.
At 13.51 percent, SBI’s capital adequacy ratio (CAR) in September 2022 was comfortably above regulatory requirements but it is still looking to develop a base to support growth in this and the subsequent financial year.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Congress questions Modi govt after Russia advances jet engine supply to Pakistan
Elon Musk faces backlash in India over post on British colonisation
Madhya Pradesh, Tamil Nadu, Kerala ban Coldrif cough syrup after toxic chemical found linked to child deaths
Barack and Michelle Obama celebrate 33 years of marriage with touching tributes and timeless memories
