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State Bank of India’s (SBI) Committee of Directors for Capital Raising on Tuesday accorded its approval to allot 25,000 Basel III compliant debt instruments aggregating to ₹2,500 crore.
The instruments (Non-convertible, Taxable, Perpetual, Subordinated, Unsecured, Fully Paid-up), which are in the nature of debentures qualifying as AT 1 Capital of the Bank, are of face value of ₹10 lakh each and carry a coupon rate of 7.73 per cent, India’s largest bank said in a regulatory filing.
SBI said the instruments have a call option after 5 years and on anniversary dates thereafter.
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