SBI board approves plan to raise $2 bn

The country’s largest lender SBI said its central board, at its meeting on Wednesday, has approved raising up to $2 billion (about ₹14,880 crore) through bonds this fiscal.

The executive committee of the central board has approved long-term fund raising in single or multiple tranches up to $2 billion, SBI said in a filing.

The funds are to be raised through a public offer and/or private placement of senior unsecured notes in U.S. dollar or any other convertible currency during FY22. SBI shares closed at ₹363.30 apiece on the BSE, rising 2.95% from the previous close.

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