State Bank of India (SBI) announced that its board will meet on Wednesday, 14 December 2022 to consider the proposal of fund raising by way of issuance of Basel III compliant debt instruments through a public offer or private placement basis.
The state-run lender in an exchange filing said, "To seek approval for raising of additional tier 1 (AT 1) capital by way of issuance of Basel III compliant debt instruments in INR and / or any other convertible currency through a public offer or private placement to Indian and / or overseas investors up to 31 March, 2024.SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2022, the Government of India held 57.52% stake in the bank.
SBI reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.
Shares of SBI fell 0.10% to Rs 610.10 on the BSE.
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