SBI board approves plan to raise $1.5 bln in FY21

State Bank of India (SBI)'s board on Thursday approved long-term fund raising of upto $1.5 billion through public offer or private placement of senior unsecured notes during FY 2020-21.

The executive committee of SBI's central board will now examine the status and decide on long term fund raising in single/multiple tranches up to $1.5 billion through public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY2020-21. The announcement was made during trading hours today, 11 June 2020.

Shares of SBI tumbled 5.64% to Rs 177.20. The stock hovered in the range of Rs 176.40 to Rs 190.35 so far.

The scrip soared 7.10% in a month. On the technical front, the stock's RSI (relative strength index) stood at 52.668. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 176.46 and its 200-day moving average (DMA) placed at 267.66.

On a standalone basis, SBI's net profit surged 327.1% to Rs 3,580.81 crore on a 4.1% rise in total income to Rs 78,758.85 crore in Q4 March 2020 over Q4 March 2020.

SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2020, the Government of India holds 57.03% stake in the bank.

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