SBI Board Approves Fundraising Of Rs 50,000 Crore Via Debt Instruments

The State Bank of India has approved a fundraising of Rs 50,000 crore via debt instruments.

The bank will raise funds in the Indian rupee and any other convertible currency by issuing debt instruments, including long-term bonds, Basel III-compliant additional tier 1 bonds, and Basel III-compliant tier 2 bonds, the company said in an exchange filing on Friday.

The funds will be raised through private placement based on the government's approval.

The stock was trading 1.87% lower at Rs 577.50 apiece, as compared with a 0.29% decline in the Nifty 50 as of 14:34 p.m.

Of the 51 analysts tracking the company, 49 maintain 'buy' and two suggest 'hold.' The return potential of the stock is 24.7%, according to Bloomberg.