SBI raises ₹10,000 crore through infra bond issue
The Hindu
The tenor of these bonds is 15 years
State Bank of India (SBI) said it had raised ₹10,000 crore at a coupon rate of 7.54% through its third infrastructure bond issuance, the bidding for which was held on Monday.
The proceeds from the bonds would be utilised in enhancing long-term resources for funding infrastructure and the affordable housing segment, SBI said in a statement. The tenor of these bonds is 15 years. “The issue attracted overwhelming response from investors with bids of ₹21,698 crore and was oversubscribed by 4.34 times against the base issue size. The total number of bids received were 115 indicating wide participation,” the lender said.
The investors were across provident funds, pension funds, insurance companies, mutual funds and corporates, it said. “Based on the response, the bank has decided to accept ₹10,000 crore at a coupon rate of 7.54% payable annually for a tenor of 15 years. This represents spread of 13 bps over the corresponding FBIL G-Sec par curve,” SBI added.
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