SBI to raise Rs 500 crore via retail bonds

State Bank Of India | Bank - Public | BFSI | BSE: 500112 | NSE: SBIN

08 Sep 2010 Evaluate

State Bank of India plans to tap retail investors via a bond issue in October. The executive committee of the bank's board accorded approval for raising Tier II capital by way of public issue of Lower Tier-II bonds for Rs 500 crore with an option to retain 100 per cent oversubscription.

Given that deposit rates are firming up and depositors prefer to lock up surplus funds for no longer than three years, retail bonds, which could be of 10-15 years tenure, are the best bet for banks to mop up long-term funds at a mark-up to a benchmark rate.crack crack

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Company Name	CMP
State Bank Of India	997.00
PNB	116.65
Bank Of Baroda	237.80
Canara Bank	123.90
Union Bank Of India	178.00
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