The country’s largest lender SBI said its board has approved raising up to $2 billion (about ₹14,880 crore) through bonds this fiscal. Th e bonds will be issued in single or multiple tranches up to US$ 2 billion.
Mode of funding
The funds are to be raised through a public offer and/or private placement of senior unsecured notes in U.S. dollar or any other convertible currency during FY22.
Regulatory Filing
The board approved “long-term fund-raising in single / multiple tranches up to US$ 2 Billion (US$ Two Billion) under Reg-S/144A, through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2021-22.”
Similar Event in past
Earlier in January, SBI had raised $600 million (about Rs 4,500 crore) through bonds to fund the expansion of the overseas business.
Impact on Stock Market
The shares of SBI ended the day higher by 2.9 per cent at Rs 363.30 on the BSE, as against the Sensex’s gains of 1.6 per cent.
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