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These non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up Basel III compliant Tier 1 bonds are in the nature of debentures having face value Rs 1 crore each.
The bonds are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India.
The bank stated that this issue attracted an overwhelming response from the investors with bids of Rs 5,294 crore and was oversubscribed almost 2.65 times against the base issue size of Rs 2,000 crore with 108 bids.
Based on the response, the public lender decided to accept Rs 5,000 crore at a coupon rate of 8.34% payable annually with a call option after 10 years and on anniversary dates thereafter.
The bank has been rated AA+ with stable outlook from CRISIL and India Ratings & Research for these instruments.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2023, the Government of India held 57.49% stake in the bank.
The scrip rose 0.11% to Rs 629 on the BSE.
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