Money & Banking

SBI to raise ₹2,500 crore from Basel III compliant bonds

Our Bureau Mumbai | Updated on November 24, 2020 Published on November 24, 2020

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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Published on November 24, 2020
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