The state-run lender on Monday said it has raised Rs 7,000 crore by issuing Basel III compliant bonds.
SBI said its committee of directors for capital raising on Monday (21 September) approved allotting 70,000 Basel III compliant non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures. The bonds qualify as tier II capital of the bank, and has face value of Rs 10 lakh each, bearing coupon rate of 6.24% per annum payable annually for a tenor of 10 years, it said. There is call option after 5 years and on anniversary thereafter, it added. The allotment of bonds to the subscribers took place on 21 September 2020.
The bank's net profit surged 81.2% to Rs 4189.34 crore on 7.6% rise in total income to Rs 75,997.59 crore in Q1 FY21 over Q1 FY20.
Shares of SBI were up 0.19% at Rs 186.15 on BSE. SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2020, the Government of India held 56.92% stake in the bank.
Shares of SBI jumped 24.47% from its 52-week low of Rs 149.55 hit on 22 May 2020. In the past one month, the stock has fallen 6.15%.
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