India's largest public sector lender, State Bank of India, on June 19 said that its board has approved raising long-term bonds up to an amount of Rs 20,000 crore through a public issue or private placement during FY25.
"...submit that the Central Board at its meeting held today i.e. 19th June 2024 has, inter alia, accorded approval for raising long term bonds up to an amount of Rs. 20,000 crore through a public issue or private placement, during FY25," SBI said in a regulatory filing.
Shares of SBI were trading 0.22 percent higher at Rs 846.45 apiece on BSE around 13:15 hours IST.
In January, SBI raised Rs 5,000 crore through perpetual bonds at an 8.34 per cent coupon. Last financial year, it raised an aggregate of Rs 20,000 crore through the sale of 15-year infrastructure bonds.
Earlier this month, SBI raised $100 million through its London branch by selling three-year senior unsecured floating-rate bonds that were sold at a spread of 95 basis points above the secured overnight financing rate (SOFR).
At the end of last financial year, the Bank's capital adequacy ratio (CAR) stood at 14.28 percent.
"The capital ratios of the Bank continued to improve during FY24 on the back of better planning, plough back of profit and efficient risk management of the banking book," SBI Chairman Dinesh Khara said in the annual report.
