SBI board approves raising up to $2 bn via debt instruments

India's largest public lender State Bank of India (SBI) on Tuesday said its board has approved the bank to consider raising up to $2 billion via bonds and other debt instruments.

SBI, in a regulatory filing, stated the the board has approved, "To examine the status and decide on long term fund raising in single/multiple tranches up to $ 2 billion under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2022 - 23."

Shares of SBI closed at Rs 475.10 apiece on the BSE, down by 0.13 per cent on Tuesday.

Last month, SBI had raised $500 million (over Rs 3,800 crore) through its IFSC Gift City branch.

It was the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch, a release said.

The facility is for $400 million plus $100 million as a green shoe option.