Indian banking giant receives green light to secure funds up to Rs 50,000 crore!

This bank is the country’s largest lender and it offers a wide range of services in Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

State Bank of India (SBI) has been granted permission by the bank's Central Board to raise funds in INR and/or any other convertible currency by issuing debt instruments, such as but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, and 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, subject to GOI approval wherever necessary. 

The scrip opened today at Rs 588.00 and touched the day high and low of Rs 589.00 and Rs 577.00, respectively. Its 52-week high stood at Rs 629.65, whereas its 52-week low was Rs 430.80. The current market cap of the company is Rs 5,16,378.05 crore. Promoters hold 57.49 per cent, whereas Institutional and non-institutional holdings are 35.12 per cent and 7.40 per cent respectively. 

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State Bank of India is a public sector banking and financial services statutory organisation in India. The Bank uses technology to provide and manage its wide range of unique goods and services in a manner that is both individualised and customer-focused. Since 1973, the State Bank of India has been actively engaged in the nonprofit activity known as community services banking. All of its administrative and branch offices across the nation support and take part in numerous charitable and social projects. Due to the numerous ways in which it affects people's lives worldwide, the bank's business is more than just banking.