SBI Receives Board's Approval To Raise Up To Rs 11,000 Crore

State Bank of India (SBI) on Wednesday received the board's approval to raise up to Rs 11,000 crore through issuance of bonds.

The bank's central board, at its meeting held on Wednesday, approved raising capital by way of issuance of Basel lll compliant debt instrument in USD/INR and/or any other convertible currency, in FY23, according to a regulatory filing.

The country's largest lender in terms of asset size and customer base plans to raise fresh Additional Tier 1 (AT1) capital up to Rs 7,000 crore, subject to the government's concurrence.

Also, it plans to raise fresh Tier 2 capital of up to Rs 4,000 crore.

Shares of SBI gained 2.13 per cent to close at Rs 508.60 apiece on BSE.