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These non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up Basel III compliant Tier 2 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 15,907 crore and was oversubscribed almost 4 times against the base issue size of Rs 4,000 crore with 98 bids.
Based on the response, the public lender decided to accept Rs 10,000 crore at a coupon rate of 7.81% payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter.
The bank has been rated AAA with stable outlook from CRISIL and India Ratings & Research for these instruments.
State Bank of India rose 0.52% to Rs 569.15 on the BSE.
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