State Bank of India raises Rs 7000 cr in Tier II capital

State Bank of India announced that the Committee of Directors for Capital Raising at its meeting held today on 21 September 2020 accorded its approval to allot 70,000 Basel III compliant Non-convertible, Taxable, Redeemable, Subordinated, Unsecured, Fully Paid-up Debt instruments in the nature of debentures qualifying as Tier II Capital of the Bank, of face value of Rs.10.00 lakhs each, at par, bearing a coupon of 6.24% p.a. payable annually for a tenor of 10 years with call option after 5 years and on anniversary dates thereafter, aggregating to Rs. 7000 crore, to Bond Subscribers on 21 September 2020.

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