State Bank of India ( SBI ) has raised USD 300 million (about Rs 2000 crore) through bonds from overseas investors to fund its business growth.
The bank has concluded the issue of USD 300 million AT1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured note or bonds at a coupon 5.5 per cent payable semi-annually under our USD 10 billion RegS MTN Programme.
Under the Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of stress, lenders can write off such investments or convert them into common equity if approved by the Reserve Bank (RBI).
The notes will be issued throughDubai International Financial Centre branch on September 22 and will be listed on Singapore Stock Exchange.