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Stock Analysis, IPO, Mutual Funds, Bonds & More

SBI ends up raising Rs 4,021 crore in bonds

The fresh capital will help the lender meet Tier I capital requirement for the financial year.

, ET Bureau|
Updated: Dec 05, 2018, 06.07 PM IST
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The fresh capital will help the lender meet Tier I capital requirement for the financial year.
MUMBAI: State Bank of India has raised Rs 4021 crore in perpetual bonds using the National Stock Exchange's electronic bidding platform.

The fresh capital will help the banking behemoth meet tier 1 capital requirement for the current financial year.

The issue was oversubscribed over five times. The issue size was Rs 2000 crore, with a greenshoe option of Rs 3,000 crore.

"Over five times oversubscription for SBI’s Tier I perpetual bonds reaffirms the confidence of investor community in SBI. Digital initiatives in private placements segment by NSE, specifically NSE-EBP, have enabled us to broaden our access to the wider pool of investors and further deepen our debt markets,” SBI chief financial officer Prashant Kumar said.

The Electronic Bidding Platform (EBP) is an initiative by market regulator SEBI, mandated for private placement of debt issues by corporates.

“It is a matter of pride for NSE, as we could provide a mechanism for single highest fund raise of around Rs 10,376 crore on EBP on a single day this year," NSE's chief executive Vikram Limaye was quoted as saying in a press statement.

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