October 01, 2023 11:39 (IST)
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SBI to raise Rs 50,000 cr from Indian and overseas markets in FY24

SBI to raise Rs 50,000 cr from Indian and overseas markets in FY24

India Blooms News Service | @indiablooms | 09 Jun 2023, 11:35 pm

Mumbai: The State Bank of India (SBI) on Friday announced its plan to raise up to Rs 50,000 crore through debt instruments during the current fiscal year.

The bank intends to raise these funds from both the Indian market and overseas markets.

The State Bank of India (SBI) stated in a stock exchange filing that the decision to raise funds through debt instruments was approved by the central board of the bank.

The board of SBI has given its approval to raise funds in Indian rupees or any other convertible currency by issuing debt instruments such as long-term bonds, Basel III compliant Additional Tier 1 Bonds, and Basel III compliant Tier 2 Bonds.

The bank aims to raise up to Rs 50,000 crore through private placement to both Indian and/or overseas investors during the fiscal year 2023-24.

SBI's consolidated net profit for the March quarter witnessed a surge of almost 90%, reaching Rs 18,094 crore.

This impressive performance was attributed to a strong core income and an improvement in asset quality, reaching its highest level in a decade.