SBI Secures Rs 6,051 Crore Through Successful Tier 2 Bond Issuance
The State Bank of India (SBI) raised Rs 6,051 crore through its second Basel III-compliant Tier 2 bond issuance at a 7.05% coupon rate. The funds are intended for business growth. The 10-year bonds, featuring a call option after 5 years, attracted substantial investor interest.
- Country:
- India
The State Bank of India (SBI) announced on Tuesday its successful raising of Rs 6,051 crore via a Basel III-compliant Tier 2 bond issuance, set with a 7.05% annual coupon rate. This capital boost will be directed towards furthering the bank's business operations.
The bond issuance, tailored for a decade with a call option post five years, garnered significant attention from the investment community. According to SBI's statement, investor bids amounted to nearly double the base issuance target of Rs 5,000 crore, illustrating enthusiastic market confidence.
SBI reported receipt of 47 bids, reflecting diverse investor engagement including entities such as provident funds, pension funds, mutual funds, and banks. SBI Chairman CS Setty highlighted this diversity and breadth of investor trust as indicative of the bank's strong standing in the financial sector.
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