SBI board approves $2 billion fundraise through foreign currency bonds

19 Apr 2023 , 09:15 AM

The board of State Bank of India on Tuesday approved to raise funds of up to $2 billion in debt during the financial year 2023-24.

In exchange filing, the lender said that the company will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches.

‘The executive committee of the Central Board in its meeting approved long-term fundraising in single/multiple tranches up to $2 billion under through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY2023-24,” SBI informed exchanges.

In March, the bank has raised Rs 3,717 crore through Additional Tier 1 bonds at a coupon rate of 8.25 per cent in a bid to shore up its capital adequacy in line with RBI guidelines. It also raised Rs 4,544 crore in February.