State Bank of India (SBI) on Monday announced that its board has approved raising additional tier-I capital of upto Rs 14,000 crore through Basel-III bonds.
The central board of the PSU bank approved raising the funds through issue of Basel III-compliant debt instrument in USD and/or Indian rupees during FY22. The fund raise is subject to Government of India concurrence.SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held 57.63% stake while Life Insurance Corporation of India held 9.25% stake in the bank.
The public sector bank reported an 80% jump in standalone net profit to Rs 6,450.75 crore on a 7% rise in total income to Rs 81,326.96 crore in Q4 FY21 over Q4 FY20.
Shares of SBI were up 0.98% at Rs 423.65 on BSE.
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