SBI gains after board OKs $2 bln fund raising

State Bank of India (SBI) rose 2.72% to Rs 362.50 after the executive committee of the bank's central board approved long term fund raising of upto $2 billion.

The board has approved long term fund raising in single/multiple tranches upto $2 billion, through a public offer/private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2021-22.

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 bank's net profit fell 6.9% to Rs 5,196.22 crore on 1.1% decrease in total income to Rs 75,980.65 crore in Q3 FY21 over Q3 FY20.

 

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