SBI to raise US$ 2 billion in overseas bonds

Country's largest bank State Bank of India (SBI) announced that it is planning to raise up to US$ 2 billion by issuing bonds in US dollar or other convertible currency.
 
The state-owned bank in a regulatory filing said that the executive committee of its Central Board, in the meeting held on Monday, approved long term fund-raising in single/multiple tranches up to US$ 2 billion.

The bank also said the fund-raising will take place through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY18 and FY19.

Last week, SBI had said that it is in the process of reviewing the requirement for minimum balance in savings account and the charges applicable for non-maintenance of funds and will soon make an announcement regarding the same.

On Monday, SBI closed at Rs. 305.80 per share, down Rs. 0.55 or 0.18 per cent on NSE. The scrip opened at Rs. 307.20 and touched a high and low of Rs. 309.50 and 305.75, respectively. The stock has a 52-week high and 52-week low of Rs. 351.30 and 241.15, respectively on NSE. The stock attracted a traded volume of 1,35,57,197 on NSE.