SBI raises Rs 3,974 crore via bonds

New Delhi: The country's largest lender SBI on Tuesday said it has raised Rs 3,974 crore by issuing Basel III compliant bonds to subscribers. The committee of directors for capital raising at its meeting held on Tuesday approved allotting 3,974 Basel III compliant non-convertible taxable, perpetual debt instruments qualifying as additional tier I capital of the bank, SBI said in a regulatory filing.

The bonds, bearing coupon of 7.55 per cent payable annually, aggregating to Rs 3,974 crore were accorded to bond subscribers on Tuesday, it added.

SBI scrip closed at Rs 488.55 apiece on BSE, up by 0.18 per cent.