State Bank of India (SBI) rose 0.73% at Rs 185.20 after the central board of the bank accorded approval for raising of capital by way of issuance of Basel III compliant debt instrument in USD and/or INR during FY21.
SBI in a regulatory filing after market hours yesterday announced that the bank's board approved raising fresh additional Tier I (AT 1) capital up to an amount of Rs 4000 crore subject to GoI concurrence. Furthermore, the bank said it will raise fresh capital of upto Rs 10,000 crore through Tier 2 capital.
The bank's board also approved to redeem existing Tier II capital bonds of Rs 11,015 crore having call dates in FY21 and replacing the same by fresh Tier II capital bonds of the same amount.
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 held 57.03% stake in the bank.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app