SBI approves proposal to raise Rs 8,931 crore via Basel III bonds

SBI approves proposal to raise Rs 8,931 crore via Basel III bonds

The bonds in the nature of debentures qualifying as tier 2 capital of the bank have face value of Rs 10 lakh.

India’s  Largest Public sector bank SBI on Friday said its board has approved a proposal to raise Rs 8,931 crore by issuing Basel III compliant bonds to investors, With non-convertible, taxable, subordinated, unsecured and fully paid bonds subject to Basel 3 regulations.

The committee of directors for capital raising at its meeting held on Friday accorded its approval to allot 89,310 Basel III compliant non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up debt instruments aggregating to Rs 8,931 crore to bond subscribers on August 21, 2020, SBI said.

Also Read: RBI approves dividend of Rs 57,000 crore to government

The bonds in the nature of debentures qualifying as tier 2 capital of the bank have face value of Rs 10 lakh, bearing a coupon of 6.80 per cent payable annually for a tenor of 15 years

 

Leave a Reply

Your email address will not be published. Required fields are marked *