SBI to raise $1.25bn by issuing bonds; stock gains 1.5%

The Executive Committee of Central Board of the Bank in a meeting scheduled to be held on December 12 will consider the proposal.

Dec 11, 2018 04:12 IST India Infoline News Service

Shares of State Bank of India (SBI) were trading 1.5% up on Tuesday as the bank is planning to raise up to $1.25bn by issuing bond.

Accordingly, the Executive Committee of Central Board of the Bank in a meeting scheduled to be held on December 12 will consider a proposal for "a long term fund raising in single/multiple tranches upto $1.25bn through a public offer and/or private placement of senior unsecured notes in the US dollar or any other convertible currency during January to March, 2019," the lender said in a press note to the exchanges on Monday after market hours.

State Bank of India's share price is currently at Rs275.85, up by Rs2.45 or 0.9% from its previous closing of Rs273.40 on the BSE.

The scrip opened at Rs269 and has touched a high and low of Rs278.60 and Rs267.30, respectively. So far, 81,72,533 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,43,998.22cr.

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