The country’s largest lender SBI said its central board has approved a proposal to raise up to ₹14,000 crore by issuing Basel-III- compliant bonds.

The bonds are proposed to be raised in Indian or U.S. currency.

“The central board of the bank at its meeting held today on June 21, accorded approval for raising capital by way of issuance of Basel III-compliant debt instruments in USD and/or INR during FY22,” SBI said in a regulatory filing.

Under this, the bank plans to raise fresh additional tier I capital up to an amount of ₹14,000 crore subject to the Government of India concurrence, it added.

The scrip of SBI closed 1.64% higher at ₹419.55 apiece on BSE

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Printable version | Jun 22, 2021 8:56:30 AM | https://www.thehindu.com/business/Industry/sbi-gets-board-nod-to-raise-14000-crore/article34896869.ece

SBI gets board nod to raise ₹14,000 crore