SBI to raise $3 billion through long-term debt

by IANS |

Mumbai, June 12 (IANS) State Bank of India (SBI) plans to raise up to $3 billion through long-term debt in the current financial year (2024-25), according to a stock exchange filing by the country’s largest bank.


The proposal has been approved by the board of directors and SBI intends to secure the funds in single or multiple tranches either through a public offering or private placement of senior unsecured notes. These notes will be denominated in US dollars or other major foreign currencies, according to the bank's statement.


“Pursuant to Regulation 30 of SEBI Regulations, 2015, we submit that the Executive Committee of the Central Board at its meeting held today, i.e., 11th June 2024, has approved, inter alia, to examine the status and decide on long-term fundraising in single/multiple tranches of up to US$ 3 Billion…through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25,” SBI said in an exchange filing.


This move comes as Indian banks, including SBI, are strengthening their capital reserves to cater to increasing loan demands. Several other state-run banks including Canara Bank and Punjab National Bank also have plans to raise funds through the debt route during the current financial year.

Latest News
Passport, visa details compromised in cyber attack affecting Australia's Department of Home Affairs Fri, Oct 25, 2024, 03:39 PM
2nd Test: New Zealand stretch lead to 188 at Tea Fri, Oct 25, 2024, 03:16 PM
Loan limit under PM Mudra Yojana raised to Rs 20 lakh from Rs 10 lakh Fri, Oct 25, 2024, 03:11 PM
2nd Test: Santner helps NZ bowl out India for 156, take 103-run lead Fri, Oct 25, 2024, 03:06 PM
Misconception that Indians are playing spin better than anyone else: Simon Doull Fri, Oct 25, 2024, 03:03 PM
MP horror: Woman gangraped, husband assaulted; probe underway Fri, Oct 25, 2024, 02:57 PM
Priyanka Gandhi invests Rs 2.24 cr in Franklin India Flexi Cap, fund has ACC Ltd in its portfolio Fri, Oct 25, 2024, 02:53 PM
16 killed in Mexico gang clash Fri, Oct 25, 2024, 02:46 PM
Three-time MLA Kalyan elected Haryana Speaker Fri, Oct 25, 2024, 02:39 PM
Australia: Two dead after truck veers into house Fri, Oct 25, 2024, 02:34 PM
Mahayuti partners plan to ride on PM’s popularity, organise 10 rallies from Nov 7 on Fri, Oct 25, 2024, 02:05 PM
Pacific island country Kiribati holds presidential election Fri, Oct 25, 2024, 12:57 PM
Rahul Gandhi, Kharge urge residents to stay safe as Cyclone Dana hits Odisha Fri, Oct 25, 2024, 12:32 PM
Cyclone Dana: Flight, train services resume in West Bengal Fri, Oct 25, 2024, 12:22 PM
UNICEF pledges support for Kenya's polio immunisation programme Fri, Oct 25, 2024, 12:13 PM