Diabytes
SBI bonds News
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The biggest lender in India confirmed in a separate regulatory filing that the Central Board authorised the issuance of ‘Basel III-compliant Additional Tier 1 and Tier 2 bonds’ with a maximum value of Rs 20,000 crore for the current fiscal.
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The committee of directors of capital raising met on Monday and accorded its approval to allot 50,000 Basel-III bonds
The debentures qualifying as tier II capital of the bank of the face value of Rs 10 lakh each, at par, bearing a coupon of 5.83 percent aggregating to Rs 5,000 crore were allotted to bond subscribers on Oct 26, 2020
The interest on the bonds will be paid annually for a tenor of 10 years and call option after 5 years and on anniversary date thereafter, it said
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The bonds bear a coupon rate of 7.74 per cent.
This is the lowest pricing ever offered on such debt.
It is being issued by any bank since the country started implementing the stringent Basel III capital rules in 2013
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Country's largest lender SBI has decided to raise USD 300 million by way of issuing bonds and the proceeds would be used for general corporate purposes.
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