Shares of the largest PSB bank SBI in trade on August 21, 2020 surged as much as 3.5% to day's high price of Rs. 201.5 per share on both the exchanges. This is after global research company CLSA maintains 'buy' call on the stock of SBI. Also at the same time, the agency has upped its price target for SBI from Rs. 270 per share earlier to Rs. 310.
As per a CNBC TV 18 report, the bank is positioned relatively better on asset quality parameter post Covid situation. The stock is amongst the most active stocks on both the exchanges with 36,794,423.
Also, the stock of SBI is among the top gainers on the benchmark indices.
The PSB bank plans to raise as much as Rs. 10000 crore via sale of tier II bonds. As per the ET report, the bank's tier-II bonds will offer yield of 6.65-6.75 percent, with a 15-year maturity. The bonds may be opened for bidding on August 19 on the exchanges' digital platform.
The issue size of SBI's first bond sale this year shall be Rs. 2000 crore with an option to retain subscriptions up to Rs 10,000 crore, the report said.