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In an exchange filing, State Bank of India (SBI) said that the central board of the bank has accorded approval for raising capital by way of issuance of Basel III compliant debt instrument in INR and/or any other convertible currency, upto FY24.
The bank will raise additional tier 1 (AT1) capital up to an amount of Rs 10,000 crore, subject to Government of India concurrence.
SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2022, the Government of India held 57.52% stake in the bank.
SBI reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.
Shares of State Bank of India rose 0.62 % to Rs 629.45 on the BSE.
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