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SBI raises Rs 3,717 Cr through bond issuance

Kashmirmediawatch by Kashmirmediawatch
March 9, 2023
in Business, Featured
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SBI raises Rs 3,717 Cr through bond issuance
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New Delhi, Mar 9 State Bank of India (SBI) on Thursday said that it has raised Rs 3,717 crore at a coupon rate of 8.25 per cent through Additional Tier 1 bond issuance.

The tenor of the bonds is perpetual with a call option after 10 years and every anniversary thereafter.

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The issue attracted an overwhelming response from investors with bids of Rs 4,537 crore and was oversubscribed by about 2.27 times against the base issue of Rs 2000 crore, a statement from the country’s largest lender said.

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The proceeds of bonds will be utilized in augmenting Additional Tier 1 capital and the overall capital base of the bank and strengthening capital adequacy in accordance with RBI guidelines, the statement said.

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“The issuance is also very significant as the bank has been able to successively diversify and raise long-term Additional Tier 1 capital with a call option after 10 years and this will help the bank in managing its capital adequacy effectively. Of the total outstanding of the Bank’s Additional Tier 1 Bonds is Rs. 49,842.70 crores, Basel III AT1 bonds with a call option of 5 years is Rs. 41,581.70 crores and AT1 bonds with a call option of 10 years is Rs 8261 crores,” the statement said.
“We believe that this issuance may help in developing a long-term Additional Tier 1 bond curve and encourage banks to effectively manage their Additional Tier 1 capital,” the statement added.

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