Mumbai: State Bank of India (SBI), the country’s largest lender on Wednesday announced plans to raise Rs 20,000 crore through long-term bonds in the ongoing financial year 2024-25 via public issue or private placement. The funds would be used for infrastructure projects and affordable housing units.
“The Central Board at its meeting held today i.e. 19th June 2024 has, inter alia, accorded approval for raising long-term bonds to an amount of Rs 20,000 crore through a public issue or private placement, during FY25,” the company said in an exchange filing. Several state-owned lenders including Canara Bank, and Punjab National Bank also have plans to raise funds through the debt route during the year.
Earlier this month, SBI also raised $100 million through its London branch by selling three-year senior unsecured floating-rate bonds, priced at a spread of 95 basis points above the secured overnight financing rate (SOFR).
Last week, SBI also approved raising $3 billion through a public offer or private placement of senior unsecured notes in U.S. dollars or other major foreign currencies.
