State Bank of India, the country's largest lender, plans to raise $200 million through upper tier-II bonds in the overseas market, a source familiar with the development told Reuters on Thursday. | |
| "The bank is in the process of mandating arrangers for the bond issue," the source said. |
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| The central bank allowed lenders last month to raise capital overseas through hybrid instruments like perpetual and upper tier-II bonds. |
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| In July, State Bank of India Chairman Om Prakash Bhatt said the bank planned to raise Rs 2,500 crore ($538 million) in the financial year to March 2007. |
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