State Bank of India (SBI) has raised Rs 3,813.60 crore through perpetual bonds to fund its business growth. The Committee of Directors for capital raising has accorded approval for allotment of 38,136 non-convertible, taxable, subordinated, unsecured Basel III compliant AT1 bonds in the nature of debentures of face value of Rs 10 lakh each. It will bear coupon rate of 8.50 per cent with call option after 5 years or any anniversary date thereafter, aggregating to Rs 3,813.60 crore to the bond subscribers.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
