 "SBI to raise up to Rs 7,000 cr via Basel-III AT1 bonds on Sept 11")
State Bank of India (SBI) plans to raise up to Rs 7,000 crore, which includes Rs 5,000 crore in greenshoe through Basel-III Additional Tier-I bonds, market participants said.
Bidding for the bonds will take place on Wednesday between 11 a.m. and 12 p.m.
Non convertible Taxable Perpetual Subordinated Unsecured Basel III compliant Additional Tier 1 Bonds in the nature of debentures of face value Rs 1 Crore each.
AT1 Bonds are a type of perpetual bonds that don't have any expiry date which is issued to raise long term capital.