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State Bank of India Approves Plan to Raise ₹20,000 Crore Through Long-Term Bonds in FY 2024-25

State Bank of India (SBI), the nation’s largest public sector bank, announced on Wednesday (June 19) that its board has sanctioned a plan to raise up to ₹20,000 crore through long-term bonds during the financial year 2024-25.

This move follows a Reuters report indicating that SBI has initiated discussions with market participants to raise approximately ₹10,000 crore ($1.20 billion) via infrastructure bonds. According to the report, the bank is expected to invite bids for the bond issuance in early July.

In January, SBI bolstered its financial position by raising ₹5,000 crore through perpetual bonds at a coupon rate of 8.34%. Over the last financial year, the bank issued 15-year infrastructure bonds, accumulating a total of ₹20,000 crore.

Additionally, to further enhance its capital base, SBI recently raised $100 million through its London branch by issuing three-year senior unsecured floating-rate bonds. These bonds were sold at a spread of 95 basis points above the secured overnight financing rate (SOFR).

Following the announcement of the new bond issuance plan, SBI’s

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