SBI to raise Rs 20.45 billion by issuing Basel III-compliant bonds

State Bank of India (SBI) Friday said it would raise Rs 20.45 billion by issuing Basel III-compliant bonds.

"The committee of directors for capital raising at its meeting held on December 21, 2018, deliberated and accorded approval to allot 20,450 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-1 bonds, for inclusion in additional tier-1 capital of the bank...aggregating to Rs 20.45 billion," SBI said in a regulatory filing.

SBI said the bonds are in the nature of debentures of face value of Rs 1 million each bearing coupon of 9.37 per cent per annum payable annually, with call option after 5 years or any anniversary date thereafter.

Shares of SBI fell 0.75 per cent to Rs 291.65 apiece on the BSE.