SBI raises $1 b from U.S. market

A SBI main branch in Visakhapatnam. File Photo: K.R. Deepak

Despite tough global economic scenario, State Bank of India has raised $1 billion (about Rs.4,700 crore) through bonds from the U.S. market. The bond issue was oversubscribed 4.8 times.

The U.S.-based investors received 55 per cent of the allocation while Asian investors got 28 per cent and the balance 17 per cent was accounted for by European investors.

Asset and fund managers subscribed for 63 per cent of the deal, commercial and investment banks 9 per cent, private banks 15 per cent and insurance/pension funds 4 per cent.