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SBI Raises Record Rs 10,000 Crore Through Infrastructure Bonds
26 Jun 2024 9:11 AM GMT
Highlights
State Bank of India (SBI) raised Rs 10,000 crore through its fifth infrastructure bond issuance at a coupon rate of 7.36%. The issue received overwhelming response with bids exceeding Rs 19,884 crore and was oversubscribed by four times. Funds will be used for infrastructure and affordable housing.
State Bank of India (SBI), the nation's largest lender, successfully raised Rs 10,000 crore on Wednesday through its fifth infrastructure bond issuance.
The bonds were issued at a coupon rate of 7.36 per cent, attracting bids totaling over Rs 19,884 crore, thus oversubscribing the base issue size of Rs 5,000 crore by nearly four times.
SBI stated that the funds would be allocated to enhancing long-term resources for infrastructure and affordable housing. The widespread participation saw 143 bids from various sectors including provident funds, pension funds, insurance companies, and corporates. Chairman Dinesh Khara emphasized that this success would pave the way for other banks to issue long-duration bonds.
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