SBI to raise up to Rs 7,000 cr via Basel-III AT1 bonds

Mumbai, Sep 5 (IANS) State Bank of India (SBI) plans to raise up to Rs 7,000 crore, which includes Rs 5,000 crore in greenshoe through Basel-III Additional Tier-I bonds, market participants said.

Bidding for the bonds will take place on Wednesday between 11 a.m. and 12 p.m.

Non convertible Taxable Perpetual Subordinated Unsecured Basel III compliant Additional Tier 1 Bonds in the nature of debentures of face value Rs 1 Crore each.

AT1 Bonds are a type of perpetual bonds that don’t have any expiry date which is issued to raise long term capital.

–IANS

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