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SBI Board to take call on raising capital Visa bonds
December 12, 2022
State Bank of India said its board will meet on Dec. 14 to decide on raising capital through Tier I bonds.
As per a regulatory filing, SBI said it will seek “approval for raising of Additional Tier 1 capital by way of issuance of Basel III compliant debt instruments in INR and / or any other convertible currency through a public offer or private placement to Indian and / or overseas investors up to March 31, 2024.”
The fundraise would help the bank grow its loan book.
Earlier this week, SBI announced that its personal banking advances, excluding high value home loans, have crossed the ₹5 lakh crore-mark.
The country’s largest lender took a year to book the last ₹1 lakh crore of advances, as against over 15 months for the previous ₹1 lakh crore and over 30 months for the ₹1 lakh crore before that.
SBI has 22,309 branches, over 65,000 automated teller machines and 66,757 business correspondent outlets, which drive its entire retail banking franchise.
Earlier in July, the board had approved raising up to ₹11,000 crore through Basel-III compliant debt instruments.
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