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State Bank of India to raise $3 billion via debt in FY2025
File image by Avishek Mitra/IBNS

State Bank of India to raise $3 billion via debt in FY2025

| @indiablooms | 12 Jun 2024, 11:43 am

Mumbai/IBNS: India's largest lender State Bank of India (SBI) on Tuesday (June 11) said that its board has approved raising up to $3 billion via debt in the current fiscal year (FY25), reports said.

According to reports, the state-run bank will raise the funds in one or more tranches through a public offer or a private placement of senior unsecured notes, which will be denominated in US dollars or another major foreign currency.

The SBI, however, did not mention what the proceeds will be used for.

The country's banks are shoring up their capital base to meet the rising demand for loans as several state-run lenders, including Punjab and Sind Bank, Canara Bank and Punjab National Bank, plan to raise funds via debt this fiscal year.

SBI, in January, raised Rs 50 billion (approx $600 million) by selling Basel III-compliant additional tier-I perpetual bonds, according to reports.

Reuters reported, quoting SBI chairperson Dinesh Kumar Khara, that the Mumbai-based lender is also open to raising equity capital to support growth.

As per reports, shares of SBI were up 0.8 percent on Tuesday and have gained 30.5 percent so far this year.

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