Mumbai, June 12 (IANS) State Bank of India (SBI) plans to raise up to $3 billion through long-term debt in the current financial year (2024-25), according to a stock exchange filing by the country’s largest bank.
The proposal has been approved by the board of directors and SBI intends to secure the funds in single or multiple tranches either through a public offering or private placement of senior unsecured notes. These notes will be denominated in US dollars or other major foreign currencies, according to the bank’s statement.
“Pursuant to Regulation 30 of SEBI Regulations, 2015, we submit that the Executive Committee of the Central Board at its meeting held today, i.e., 11th June 2024, has approved, inter alia, to examine the status and decide on long-term fundraising in single/multiple tranches of up to US$ 3 Billion…through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25,” SBI said in an exchange filing.
This move comes as Indian banks, including SBI, are strengthening their capital reserves to cater to increasing loan demands. Several other state-run banks including Canara Bank and Punjab National Bank also have plans to raise funds through the debt route during the current financial year.
–IANS
sps/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
