Financial Daily from THE HINDU group of publications
Saturday, Oct 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 22, 2005 |
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Money & Banking
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Corporate Bonds SBI to raise Rs 3,300 cr via bonds Our Bureau
Mumbai , Oct. 21 STATE Bank of India (SBI) plans to raise up to Rs 3,300 crore through domestic and overseas issue of bonds. The bank would be issuing five-year unsecured bonds on private placement basis by end of this quarter or early next quarter. The funds would be raised to shore up the bank's capital to meet its growing lending activity, said Mr A.K. Purwar, Chairman. He said interest rates and timing of the bond issue would be decided later. The bank's retail and agriculture lending have been growing more than 30 per cent. The capital to asset ratio has come down to 11.63 per cent as on June 30, 2005. In a notice issued to stock exchanges, SBI said: "the executive committee of the central board of the bank at its meeting held on October 20 has approved raising of unsecured and rated domestic and international subordinated debt by way of bonds, not exceeding Rs 3,300 crore with a maturity of over 60 months by private placement, as may be decided by the Chairman of the bank". SBI recently announced the acquisition of a small bank in Kenya.
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