The bank said that the issue attracted an overwhelming response from investors with bids of Rs 9,647 crore, and was oversubscribed by about 5 times against the base issue size of Rs 2,000 crore.

Based on the response, the bank has decided to accept Rs 4,000 crore at a coupon rate of 7.57% payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter. This represents spread of 14 bps over 10 year Gsec. The 10 year SDL cut off was at 7.69% annualized on 20 September 2022.

The bank has AAA (stable) credit rating from domestic credit rating agencies for these instruments, the public lender stated.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2022, the Government of India held 57.57% stake in the bank.

The bank's standalone net profit declined 6.7% to Rs 6,068 crore on a 3% fall in total income to Rs 74,988.57 crore in Q1 FY23 over Q1 FY22.

Shares of State Bank of India declined 0.68% to Rs 565.95 on the BSE.