Hot Pursuit     11-Apr-23
SBI gains after board to mull fund raising on 18 April
State Bank of India (SBI) rose 1.59% to Rs 534.65 after the India's largest bank said that its board will meet on 18 April 2023 to consider long-term fund raising of upto $2 billion.
SBI has announced that its executive committee of the central board is set to meet on 18 April 2023. The main agenda of the meeting is to examine the status and decide on long-term fund raising in single or multiple tranches of up to $2 billion. The funds are expected to be raised through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible foreign currency during the financial year 2023-24.

SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2022, the Government of India held 57.50% stake in the bank. It reported 68.47% jump in standalone net profit to Rs 14,205.34 crore on a 25.18% rise in total income to Rs 98,083.77 crore in Q3 FY23 over Q3 FY22.

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