State Bank Of India To Raise Up To $2 Billion In Long-Term Funds

The State Bank of India's executive committee of the central board has approved the bank's plan to raise up to $2 billion in long-term funds.

India's largest lender will raise the funds in FY24 via a public offer and/or private placement of senior unsecured notes denominated in U.S. dollars or other convertible foreign currencies, according to an exchange filing from the company.

In December 2022, SBI also received approval from its board to raise Rs 10,000 crore via additional tier-1 bonds in FY24.

The stock closed 0.23% higher on Tuesday, with shares changing hands for Rs 545.25 apiece, as compared with a flat benchmark Nifty Bank index.