State Bank of India announced that it has raised Rs 10,000 crore through issuance of fifth senior unsecured long term infrastructure bond with a coupon rate of 7.36% p.a.
The issue received bids in excess of Rs 19,884 crore and was oversubscribed by around 4 times against the base issue size of Rs 5,000 crore. The total number of bids received was 143 indicating wider participation with heterogeneity of bids.The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc. The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment
The instrument is rated AAA with stable outlook. With the current issuance, the total outstanding long-term bonds issued by the bank is at Rs 49,718 crore.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2024, the Government of India held 57.49% stake in the bank.
The largest PSU banks standalone net profit grew 23.98% to Rs 20,698.35 crore on 20.11% rise in total income to Rs 1,28,411.88 in Q4 FY24 over Q4 FY23.
The scrip rose 0.43% to currently trade at Rs 845.50 on the BSE.
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