SBI raises Rs 7,500 cr via Basel III-compliant bonds
State Bank of India (SBI) on Wednesday said it has raised Rs 7,500 crore through issuance of Basel III-compliant Tier 2 bonds to qualified institutional bidders. In a regulatory filing, SBI said the issue attracted overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore.
«The investors were across provident funds, pension funds, mutual funds, banks etc,» SBI said.
SBI Chairman C S Setty said the wider participation and heterogeneity of bids demonstrated the trust investors place in the country's largest bank.
The bonds are issued for a tenor of 15 years and have a coupon rate of 7.33 per cent.
This is the second Basel III-compliant Tier 2 bond issuance for the current fiscal.
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