SBI board approves $2 bn fund raise in FY23 in single or multiple tranches

The funds will be raised via a public offering and/or on private placement basis

The board of State Bank of India has approved long-term fundraising of $2 billion in single or multiple tranches for refinancing maturing liabilities and fresh lending in the current fiscal year (Fy23).

In a filing to the stock exchange, the bank said the funds will be raised through a public offering and/or private placement basis. The bank’s central board has approved an enabling proposal for raising funds.

It would issue senior unsecured notes in US dollar or any other convertible currency, it said.

Bank executive said some securities that were issued earlier are coming up for redemption that would need to be refinanced.