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Hot Pursuit
19-Apr-23
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SBI board OKs raising up to $2 bln
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The state-run lender's board committee approved raising up to $2 billion (Rs 16,412 crore) during the current fiscal.
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State Bank of India (SBI) plans to raise the fund through public offer and/or private placement of senior unsecured notes denominated in U.S. dollars or other convertible foreign currencies.
The executive committee of the central board in its meeting on 18th April 2023 approved "long term fund raising in single / multiple tranches up to US$ 2 Billion (US$ Two Billion) under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2023-24."
SBI is an Indian multinational, public sector banking and financial services statutory body. As of March 2023, the Government of India held 57.49% 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.
Shares of SBI were up 0.22% at Rs 547 on the BSE.
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