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Hot Pursuit
09-Jun-23
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SBI board OKs fund raising upto Rs 50,000 cr via debt instruments
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The central board of State Bank of India approved raising funds in INR and/or any other convertible currency by issue of debt instruments upto an amount of Rs 50,000 crore via private placement mode to Indian and/or Overseas investors during FY24.
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Debt instruments includes but is not limited to long term bonds, Basel III compliant Additional Tier 1 bonds, Basel III compliant Tier 2 bonds.
The issue is subject to Government of India (GOI) approval wherever required.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2023, the Government of India held 57.49% stake in the bank.
The bank reported 83.18% surge in standalone net profit to Rs 16,695 crore on a 29.41% increase in total income to Rs 1,06,912.46 crore in Q4 FY23 over Q4 FY22.
The scrip declined 1.56% to currently trade at Rs 579.30 on the BSE.
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