State Bank of India (SBI) gained 0.70% to Rs 186.30 after the central board of the bank approved raising funds via issue of rupee denominated Basel-III compliant debt instruments during FY21.
In a BSE filing made during market hours today, SBI said that its board approved raising additional AT1 bonds to the extent of Rs 5,000 crore by way of issuance of Basel-III compliant debt instruments, within the overall capital plan earlier approved by the board for raising equity during the financial year 2020-21 (FY21).
"The above issuance of additional AT1 bonds will be subject to regulatory and government approvals," SBI added.
SBI is public sector banking and financial services statutory body. As of 30 June 2020, the Government of India held 57.64% stake in the bank.
The bank's net profit surged 81.2% to Rs 4189.34 crore on 5.4% rise in total income to Rs 74,457.86 crore in Q1 FY21 over Q1 FY20.
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