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SBI To Raise $2 Billion Through Bonds; Stock Soars Nearly 3%

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SBI To Raise $2 Billion Through Bonds; Stock Soars Nearly 3%

The shares of SBI ended the day higher by 2.9 per cent at Rs 363.30 on the BSE

State Bank of India (SBI) board, at its meeting held on April 28, has approved the proposal to raise up to $2 billion through bonds in the financial year 2021-22. The bonds will be issued in single or multiple tranches up to US$ 2 billion, through a public offer and private placement mode.

The board approved “long-term fund-raising in single / multiple tranches up to US$ 2 Billion (US$ Two Billion) under Reg-S/144A, through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2021-22,” the public lender said in a regulatory filing to the stock exchanges.

Earlier in January, SBI had raised $600 million (about Rs 4,500 crore) through bonds to fund the expansion of the overseas business.

The shares of SBI ended the day higher by 2.9 per cent at Rs 363.30 on the BSE, as against the Sensex’s gains of 1.6 per cent.