State Bank Of India To Raise $2 Billion By Issuing Bonds In Current Financial Year

The board of the country's biggest lender State Bank of India (SBI) on Tuesday said it proposes to raise $2 billion (about Rs 16,000 crore) from bonds to fund its global operations.

The board of the bank on Tuesday approved the proposal to raise fund in "single or multiple tranches up to $2 billion ...through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2023-24," SBI said in a regulatory filing.

Last month, SBI raised Rs 3,717 crore by issuing a Tier 1 bond at a coupon rate of 8.25 per cent.

Shares of SBI settled 0.33 per cent up at Rs 545.80 apiece on the BSE.