SBI Board Approves Raising Up To 2 Billion USD Through Senior Unsecured Notes

One of the largest public sector bank, State Bank of India will raise up to $2 billion through senior unsecured notes, is decided by the board in the meeting scheduled on April 18, 2023. Through regulatory filing the bank intimated about the board meeting and its approval.

On April 10, stock exchange filing, State Bank of India notified that, the bank would consider "To examine the status and decide on long term fund raising in single / multiple tranches of up to 2 Billion US dollars (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 foreign currency during the Financial Year 2023-24."

Further it was added that the executive committee of the central board is scheduled to have a meeting on 18 th April 2023 for the same. During the meeting held the board members gave its approval for the same.

Earlier in March, the bank raised funds worth Rs 3.717 crore at a coupon rate of 8.25% through Additional Tier 1 bond issuance.

The latest market price of SBI stock closed at Rs 546 per share, up by 0.33% over previous day's closing. Its 52-week high is at Rs 629.65 per share and 52-week low is at Rs 430.80 per share.