State Bank of India (SBI) Friday said it would raise Rs 20.45 billion by issuing Basel III-compliant bonds.
"The committee of directors for capital raising at its meeting held on December 21, 2018, deliberated and accorded approval to allot 20,450 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-1 bonds, for inclusion in additional tier-1 capital of the bank...aggregating to Rs 20.45 billion," SBI said in a regulatory filing.
SBI said the bonds are in the nature of debentures of face value of Rs 1 million each bearing coupon of 9.37 per cent per annum payable annually, with call option after 5 years or any anniversary date thereafter.
Shares of SBI fell 0.75 per cent to Rs 291.65 apiece on the BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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