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Topic: State Bank of India

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anil vaidya here on SBI raises $750 million from overseas market

From : Anil Vaidya at 11:38 AM - Oct 26, 2009 ( )
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The country's largest lender, State Bank of India, has raised USD 750 million (about Rs 3,600 crore) through bonds from the overseas market. The bank has concluded the issue of USD 759 million fixed rate senior notes having a maturity of 5 years at a coupon rate of 4.5 per cent under the Medium Term Notes (MTN) programme. These have been issued through the bank's London branch as of October 23 and these shall be listed on Singapore Stock Exchange. According to an estimate, SBI could raise Rs 28,000 crore from bonds to meet regulatory capital requirement and to fund business growth during the current fiscal. The bank aims to maintain capital adequacy ratio of 13 per cent in 2009-10. Besides, capital is required for funding balance sheet growth during the current fiscal.


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