SBI raises Rs 3,974 crore via bonds

The committee of directors for capital raising at its meeting held on Tuesday approved allotting 3,974 Basel III compliant non-convertible taxable, perpetual debt instruments qualifying as additional tier I capital of the bank, SBI said in a regulatory filing.

The country’s largest bank’s festive season concessions include processing fee waivers. The lowest interest rate on its personal loans is 9.6 percent per annum, which translates into an EMI of Rs 10,525.

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The country’s largest lender State Bank of India (SBI) said it has raised Rs 3,974 crore by issuing Basel III compliant bonds to subscribers.

The committee of directors for capital raising at its meeting held on Tuesday approved allotting 3,974 Basel III compliant non-convertible taxable, perpetual debt instruments qualifying as additional tier I capital of the bank, SBI said in a regulatory filing.

The bonds, bearing coupon of 7.55 per cent payable annually, aggregating to Rs 3,974 crore were accorded to bond subscribers on Tuesday, it added.