Industry

SBI to raise $ 2 billion via overseas bonds

Funds may be used to push credit growth

State Bank of India (SBI) is planning to raise $ 2 billion by issuing bonds in U.S. dollar or in some other convertible currency in the current and the next financial year.

The bank’s board has approved the fund raising on Monday. The lender may raise the funds in more than one tranches. The funds could be used to boost credit demand.

“The executive committee of the Central Board.. has approved long term fund-raising in single/multiple tranches up to $2 billion,” SBI said in a notification to exchanges.

The lender said the fund-raising will take place through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during fiscal 2017-18 and 2018-19.

SBI scrip ended at ₹305.65, down 0.2% on the Bombay Stock Exchange.

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Printable version | Jun 3, 2020 6:22:08 AM | https://www.thehindu.com/business/Industry/sbi-to-raise-2-billion-via-overseas-bonds/article22398692.ece

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