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SBI to consider raising up to $2 billion via bonds on May 10

SBI to consider raising up to $2 billion via bonds on May 10

Shares of SBI closed at Rs 479.60 apiece on the BSE, down by 2.27 per cent on Wednesday.

State Bank of India State Bank of India

India's largest public lender State Bank of India (SBI) on Wednesday said its board will meet next week to consider raising up to $2 billion through a public issue of bonds or other means.

''We advise that the executive committee of the central board is scheduled to have a meeting on May 10, 2022 to examine the status and decide on long term fund raising in single/multiple tranches up to USD 2 billion through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY 23,'' SBI said in a regulatory filing.

Shares of SBI closed at Rs 479.60 apiece on the BSE, down by 2.27 per cent on Wednesday.

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.