State Bank of India board approves raising up to Rs25,000cr via bonds in FY21

In an exchange filing on Thursday post-market hours said that the board has approved raising fresh AT1 capital up to Rs4,000cr, subject to the government of India’s concurrence.

Jul 16, 2020 10:07 IST India Infoline News Service

sbi
State Bank of India (SBI) on Thursday said that it will raise Rs25,000cr in capital through additional tier-1 (AT1) and tier-II bonds from markets in FY21.

In an exchange filing on Thursday post-market hours it said that the board has approved raising fresh AT1 capital up to Rs4,000cr, subject to the government of India’s concurrence.

Also, the board gave the approval to raise fresh tier-II capital up to Rs10,000cr.

It will redeem existing tier-II bonds of Rs11,015cr that have call dates during the current financial year FY21. It will replace them by raising fresh tier-II capital bonds of same amount. This would be over and above Rs10,000cr worth tier-II capital bonds for which board has given approval, the bank said.

State Bank of India is currently trading at Rs184.60 up by Rs0.75 or 0.41% from its previous closing of Rs183.85 on the BSE. The scrip opened at Rs185 and has touched a high and low of Rs185.95 and Rs181.60 respectively.

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