SBI To Raise $2 Billion Through Bonds; Stock Soars Nearly 3%

SBI: The bonds will be issued in single or multiple tranches up to US$ 2 billion, through a public offer and private placement route

State Bank of India (SBI) board, at its meeting held on April 28, has approved the proposal to raise up to $2 billion through bonds in the financial year 2021-22. The bonds will be issued in single or multiple tranches up to US$ 2 billion, through a public offer and private placement mode. The board approved "long-term fund-raising in single / multiple tranches up to US$ 2 Billion (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 currency during FY 2021-22," the public lender said in a regulatory filing to the stock exchanges. Earlier in January, SBI had raised $600 million (about Rs 4,500 crore) through bonds to fund the expansion of the overseas business.