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SBI raises Rs 4,000 crore via tier-2 bonds at cutoff rate of 7.57%

Lender claims overwhelming response from investors, with bids of Rs 9,647 crore; issue oversubscribed 5x against base size of Rs 2,000 crore

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BS Reporter Mumbai
The country’s largest lender, State Bank of India, announced on Wednesday that it has raised an amount of Rs 4,000 crore through tier-2 bonds at a cutoff rate of 7.57 per cent.

“The issue attracted an overwhelming response from investors with bids of Rs 9,647 crore and was oversubscribed by about 5 times against the base issue size of Rs 2,000 crore,” the bank said.

The bonds have a tenure of 15 years with a call option after 10 years, SBI said, adding that the instruments are rated AAA (stable) by credit rating firms.

The public sector bank had sold

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First Published: Sep 21 2022 | 9:22 PM IST

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