SBI shares gain over 3% on fund raising

Shares of country's largest lender SBI today rose over 3 per cent after the bank announced to raise Rs 3,000 crore from bonds to fund business growth.
The stock gained 3.20 per cent to settle at Rs 164.65 on BSE. During the day, it went up by 3.41 per cent to Rs 165.
The stock was the top gainer among the 30-Sensex components.
On NSE, shares of the company climbed 3 per cent to end at Rs 164.70.
On the volume front, 26.76 lakh shares of the company changed hands at BSE and over two crore shares were traded at NSE during the day.

The bank yesterday issued 30,000, Basel III compliant, Tier-ll bonds, in the nature of debentures, of face value of Rs 10 lakh each at par, SBI said in a statement.

Bonds with 10 years maturity will give 8.45 per cent annually to investors who subscribed such bonds on private placement basis, it said. They come with call option of 5 years.
The bank through these bonds raised Rs 3,000 crore, it said.
Recently, SBI got board approval to raise Rs 15,000 crore from various means, including public offer and overseas issuance of shares, in the next 14 months.
The fund raised will help the bank to meet global risk norms, Basel III, which will kick in from March 2019.