SBI Board Approves Raising Rs 20,000 Crore For FY25 Via Long Term Bonds

New Delhi: The State Bank of India announced that its board has approved raising up to Rs 20,000 crore in long-term bonds through either a public issue or private placement during FY25. In a regulatory filing, it stated that “We submit that the Central Board at its meeting held today i.e. 19 June 2024 has, inter alia, accorded approval for raising long term bonds up to an amount of Rs. 20,000 crore through a public issue or private placement, during FY25,” 

Earlier this month, SBI raised 100 million dollars through its London branch by issuing three-year senior unsecured floating-rate bonds. These bonds were sold at a spread of 95 basis points above the secured overnight financing rate (SOFR). (Also Read: ‘Step Off The Board’: Gautam Singhania's Reappointment As Raymond Managing Director Faces Strong Opposition)

Adding further, SBI raised Rs 5,000 crore through perpetual bonds with an 8.34 per cent coupon. In the previous financial year, the bank also raised Rs 20,000 crore by selling 15-year infrastructure bonds. (Also Read: Nvidia Surpasses Microsoft, Apple To Become World's Most Valuable Publicly Traded Company)