State Bank of India Approves $3 Billion Fundraising Plan For FY 2024-25

State Bank of India Approves $3 Billion Fundraising Plan For FY 2024-25

The fundraising will involve the issuance of senior unsecured notes, which will be denominated in US dollars or other major currencies.

Oliviya KunjumonUpdated: Tuesday, June 11, 2024, 03:16 PM IST
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State Bank of India Approves $3 Billion Fundraising Plan For FY 2024-25 | Representative Image

The State Bank of India (SBI), the country's largest lender on Tuesday, June 11, through an exchange filing announced that the company has received approval to raise up to USD 3 billion via debt in the current fiscal year.

The shares of the company at 2:54 pm IST were trading at Rs 835.70, up by 0.47 per cent.

Details of the Fundraising Plan

The Executive Committee of the Central Board of SBI met today and approved the plan to raise the fund and the board has given approval to gather up to USD 3 billion through one or more tranches.

According to the regulatory filing, the bank added that it intends to raise these funds in one or more tranches through either a public offer or a private placement.

This fundraising will involve the issuance of senior unsecured notes, which will be denominated in US dollars or other major currencies, added the BSE exchange filings.

State Bank of India (SBI), the country's largest lender on Tuesday

State Bank of India (SBI), the country's largest lender on Tuesday | Pixabay (Representational Pic)

"The Executive Committee of the Central Board at its meeting held today i.e. 11th June 2024 has approved, inter alia, to examine the status and decide on long term fund raising in single / multiple tranches of up to US$ 3 Billion (US$ Three Billion) under RegS/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25," the company said in the BSE exchange filing.

Other Banks

According to reports, other public sector banks are also planning to raise capital through debt instruments this financial year. This include banks such as Canara Bank, Punjab National Bank and Sind Bank.

Recent Fundraising efforts

Earlier this year in the month of January, SBI has raised Rs 5,000 crore by issuing a Basel III-compliant additional tier-I perpetual bonds.

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