SBI raises Rs 10,000 crore through infra bond issuance

Country's largest lender State Bank of India connected Monday said it has raised Rs 10,000 crore done its seventh infrastructure enslaved issuance.

SBI raised Rs 10,000 crore connected Monday astatine a coupon complaint of 7.23 per cent done its seventh infrastructure enslaved issuance, the lender said successful a statement.

The contented attracted overwhelming effect from investors with bids successful excess of Rs 11,500 crore and was oversubscribed successful excess of 2 times against the basal contented size of Rs 5,000 crore, it said.

The full fig of bids received was 85 indicating wider information with heterogeneity of bids. "The investors were crossed provident funds, pension funds, security companies, communal funds etc.

The proceeds of bonds volition beryllium utilized successful enhancing semipermanent resources for backing infrastructure and affordable lodging segments," SBI said. Based connected the response, the Bank has decided to judge Rs 10,000 crore astatine a coupon complaint of 7.23 per cent payable annually for a tenor of 15 years.

The instrumentality is rated AAA with unchangeable outlook. SBI further said the issuance is besides precise important arsenic the slope has been palmy successful raising agelong duration bonds successively.

SBI Chairman C S Setty said the issuance volition assistance successful processing a semipermanent enslaved curve and promote different banks to contented bonds of longer tenor.