SBI to raise funds worth USD 3 billion

The State Bank of India (SBI), the country's largest lender, has announced that the company has received approval to raise to USD 3 billion via debt in the current fiscal year.

The Executive Committee of the Central Board of SBI in a meeting has approved the plan to raise the fund and the board has approved to gather up to USD 3 billion through one or more tranches.

According to the regulatory filing, the bank added that it intends to raise these funds in one or more tranches through either a public offer or a private placement.

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This fundraising will involve the issuance of senior unsecured notes, which will be denominated in US dollars or other major currencies, and added to the BSE exchange filings.

The Executive Committee of the Central Board at its meeting held today i.e. 11th June 2024 has approved, inter alia, to examine the status and decide on long-term fundraising in single/multiple tranches of up to US$ 3 Billion (US$ 3 billion) under RegS/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25," the company said in the BSE exchange filing.

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