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SBI to raise Rs 2,045 cr by issuing Basel III-compliant bonds

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Dion Global

21 Dec 2018

State Bank of India (SBI) Friday said it would raise Rs 2,045 crore by issuing Basel III-compliant bonds.

"The committee of directors for capital raising at its meeting held today on December 21, 2018, deliberated and accorded approval to allot 20,450 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-1 bonds, for inclusion in additional tier-1 capital of the bank...aggregating to Rs 2,045 crore," SBI said in a regulatory filing.

SBI said the bonds are in the nature of debentures of face value of Rs 10 lakh each bearing coupon of 9.37 per cent per annum payable annually, with call option after 5 years or any anniversary date thereafter.