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State Bank of India raises Rs 10,000 crore via Tier 2 Bonds
The biggest public sector lender in India, State Bank of India, stated on November 1st that it had collected ₹10,000 crore for the current fiscal year, FY 2023–2034, at a coupon rate of 7.81 percent through its first Basel III compliant Tier 2 Bond.
According to the SBI, the bonds have a 15-year tenor and a 10-year call option at the beginning.
To provide further details, the bank stated that 98 offers, or nearly four times, the base issue size of ₹4,000 crore, were received for its first Basel III compliant Tier 2 Bond, which received a phenomenal reaction from investors with bids totaling ₹15,907 crore.
“Wider participation and heterogeneity of bids demonstrated the trust investors place in the country’s largest Bank," said SBI Chairman Dinesh Khara.
He added, "The bank has decided to accept ₹10,000 crore at a coupon rate of 7.81 percent payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter."
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