SBI raises Rs 4,000 cr via Tier 2 bonds

22-09-2022

New Delhi, Sep 22 (UNI) The State Bank of India (SBI) on Thursday said it has raised Rs 4,000 crores via Tier 2 bonds at a coupon rate of 7.57 per cent. 

The issue attracted an overwhelming response from investors with bids of Rs. 9,647 crores and was oversubscribed by about five times against the base issue size of Rs. 2,000 crores, a statement from the bank said.  

"Based on the response, the Bank has decided to accept Rs 4,000 crores at a coupon rate of 7.57 per cent payable annually for a tenure of 15 years with a call option after 10 years and on anniversary dates, thereafter... The 10-year SDL cut-off was 7.69 per cent annualized on September 20," the statement said.