India’s Largest Bank, SBI raised Rs. 7,500 cr
The total number of bids received was 77 indicating participation from diverse set of qualified institutional bidders.
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State Bank of India (SBI), the country’s largest lender, raised Rs. 7,500 crores today at a coupon rate of 7.33% through its second Basel III compliant Tier 2 bond issuance for the current financial year. The bonds are issued for a tenor of 15 years, with call option after 10 years and each anniversary dates thereafter and are rated AAA with stable outlook from CRISIL Ratings Limited and CARE Ratings Limited. The issue attracted an overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs. 4,000 crores.
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Read Also : A Visionary Light Extinguished: THDC CMD Sh. R. K. Vishnoi Passes AwayThe total number of bids received was 77 indicating participation from diverse set of qualified institutional bidders. The investors were across provident funds, pension funds, mutual funds, banks etc. Shri C S Setty, Chairman said that wider participation and heterogeneity of bids demonstrated the trust investors place in the country’s largest Bank.
Read Also : WCL Creates History: Unveils Coal India’s First State-of-the-Art Multimedia StudioBased on the response, the Bank has decided to accept Rs. 7,500 crores at a coupon rate of 7.33% payable annually for a tenor of 15 years with a call option after 10 years and each anniversary dates thereafter.
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