State Bank of India (SBI), the country's largest lender, has announced plans to raise up to $2 billion through the issuance of senior unsecured notes in US dollars via a public offer or private placement during the current financial year. The proposal will be considered by the Executive Committee of the Central Board on April 18, according to a regulatory filing.
Last month, SBI raised Rs 3,717 crore through the issuance of Additional Tier 1 bonds at a coupon rate of 8.25%. The bank said the proceeds from the bonds will be used to augment Additional Tier 1 capital, strengthen the overall capital base, and maintain capital adequacy in accordance with RBI guidelines.
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