 "State Bank of India to consider raising $2 billion via offshore bonds")
State Bank of India, the country's largest lender, said on Monday it will consider raising $2 billion via offshore bonds.
The board will meet on April 18 to consider the fund raising, through a public offer or private placement of senior unsecured notes in US dollar or any other convertible foreign currency during the financial Year 2023-24, the bank said in an exchange filing.
Last month, SBI has raised Rs 3,717 crore through additional tier 1 bond sale. The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25 per cent. The proceeds will be used to augment its additional tier 1 capital and overall capital base of the bank and also for strengthening capital adequacy in accordance with RBI guidelines.
These perpetual bonds have a call option after 10 years and every anniversary thereafter.
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