SBI raises Rs 3,000 crore through private placement

The country’s largest lender, SBI, said it has raised Rs 3,000 crore on a private placement basis. The bank has issued 30,000 Basel-III compliant, tier-ll bonds in the nature of debentures, it said in a BSE filing.

The debentures have a face value of Rs 10 lakh each at par, with a 10-year tenure, bearing 8.45 per cent per annum coupon payable annually and with a call option after 5 years, aggregating Rs 3,000 crore on a private placement basis, it added. The fund raised is part of SBI’s Rs 12,000 crore debt capital.

Earlier, on March 9, the SBI board had approved raising the remaining Rs 5,000 crore of the Rs 12,000-crore fund-raising programme.

The SBI stock closed 2.63 per cent higher at Rs 191.05 on BSE today.