MUMBAI: Country’s largest lender State Bank of India (SBI) on Friday said it would raise up to Rs 50,000 crore through debt instruments from Indian as well as overseas markets in the current fiscal. The central board of the bank took the decision in this regard, the lender said in a stock exchange filing.
SBI board has accorded approval for raising funds in the Indian rupee or any other convertible currency by issue of debt instruments including, “but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, up to an amount of Rs 50,000 crore through private placement mode to Indian and/or overseas investors during FY24,” said the bank in a filing to the BSE.
SBI’s March quarter net profit zoomed nearly 90% to Rs 18,094 crore on a consolidated level, helped by a robust performance on the core income front and an improvement in asset quality to the decadal best.