SBI raises ₹6,051 crore through issue of bonds

State Bank of India (SBI) said it has raised ₹ 6,051 crore at a coupon rate of 7.05% through its second Basel III-compliant Tier 2 bond issuance for the current financial year.

The bonds are issued for 10 years, with a call option after 5 years and each anniversary date thereafter and are rated AAA with stable outlook from CRISIL Ratings and India Ratings and Research.

“The issue attracted an excellent response from investors with bids of approximately 2 times against the base issue size of ₹5,000 crore. The total number of bids received was 47, indicating participation from a diverse set of qualified institutional bidders. The investors were across provident funds, pension funds, mutual funds, banks etc,” SBI said in a statement.