SBI raised Rs 1,251 crore through Basel III-complaint bonds

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One of India’s largest public bank, State Bank of India has raised Rs 1,251.30 crore from Basel III-complaint bonds.

In a regulatory filing on Friday, the bank said that “The Committee of Directors for Capital Raising at its meeting held on 22nd March 2019, deliberated and accorded approval to allow 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-complaint additional tier-I bonds for inclusion in additional tier-I capital of the bank aggregating to Rs 1,251.30.”

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The filing added, “The bonds with a face value of Rs 10 lakh each bears a coupon rate at 9.4 percent per anum payable annually with the call option after five years or any anniversary date after that.”

The Bank also said that “At the meeting on Friday, the central board of the bank has also accorded its approval for the extension of validity period for raising capital up to Rs 20,000 crore from the market by the follow-on public offer, qualified institutional placement, preferential allotment and rights issue or any other mode or a combination for these till 31st March 202.”

The bank added, “The bonds subscribed on Friday.”