Hot Pursuit     03-Dec-22
SBI raises Rs 10000 cr via maiden infra bonds
This is the largest single infrastructure bond issued by any bank in the country.

The state-run lender on Friday (2 December) said it has raised Rs 10,000 crore through its maiden infrastructure bonds, offering a coupon rate of 7.51%. The tenor of these bonds is 10 years.

The amount raised through these bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segments, State Bank of India (SBI) said in a release.

The issue attracted 143 bids worth Rs 16,366 crore from investors and was oversubscribed by about 3.27 times against the base issue. The bank has AAA credit rating from domestic credit rating agencies for these instruments.

SBI chairman Dinesh Khara said that "Development of infrastructure is a key priority for the country and SBI, being the largest lender, has been in the forefront for advancement of social, green and other infrastructure projects. These long term bonds will help the bank in furthering the cause of infrastructure development."

SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2022, the Government of India held 57.52% stake in the bank.

SBI reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.

Shares of SBI fell 0.08% to Rs 607.55 on Friday, 2 December 2022.

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