State Bank of India raises Rs 7,500 crore through Basel III-compliant Tier 2 bonds at 7.42% coupon rate.

State Bank of India (SBI), India's largest lender, has raised Rs 7,500 crore through Basel III-compliant Tier 2 bonds at a 7.42% coupon rate, with a 15-year tenor and a call option after 10 years. The response was overwhelming, with bids exceeding Rs 8,800 crore against a base issue size of Rs 5,000 crore. The bonds received an "AAA/stable" rating from ICRA.

August 28, 2024
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