State Bank of India (SBI), the country's largest lender, has mopped up Rs 3,897 crore on the retail side through its latest bond issue, according to market sources. The issue opened on February 21 and will close on February 28.
SBI is looking at raising Rs 2,000 crore through tier II bonds, with an option to retain oversubscription of up to Rs 10,000 crore. It has reserved up to 50 per cent for retail applicants, the remaining to be divided amongst high networth individuals and institutional investors. A retail applicant can invest up to Rs 5 lakh (50 bonds) in this issue. SBI is offering an interest of 9.75 per cent and 9.95 per cent for 10-year and 15-year bonds, respectively.
