Business Standard

SBI board approves $2 bn fund raise in FY23 in single or multiple tranches

State Bank of India’s board has approved long term of $ 2 billion in the current financial year in single or multiple tranches, the lender said in a stock exchange filing on Tuesday.

The funds will be raised through a public offering and/or on private placement basis.

In the exchange filing, the bank said the central board of the has approved, “To examine the status and decide on long term in single/multiple tranches up to $ 2 billion under Reg S/144A through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY 2022-23.”

SBI’s capital adequacy ratio (CAR) as on December 31, 2021 was 13.23% without including profit for the first nine months of FY22. Including the nine month profit, the CAR improves by 94 bps.

According to RBI norms, are required to maintain a minimum capital adequacy ratio of 9 per cent on an ongoing basis.

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