BUSINESS

SBI raises Rs. 7,000 cr. via Basel III bonds

State Bank of India on Monday said it had raised Rs. 7,000 crore via Basel III compliant bonds.

“The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020 accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable... debt instruments in the nature of debentures aggregating to Rs. 7,000 crore, to bond subscribers,” SBI said in a regulatory filing. Allotment of bonds took place on the same date The bonds qualify as tier II capital and have a face value of Rs. 10 lakh each, bearing coupon rate of 6.24% per annum payable annually for a tenor of 10 years, it said.