SBI raises Rs 6,051 crore through its second Tier 2 bond issuance

Mumbai: State Bank of India (SBI), has raised ₹6,051 crore at 7.05% through its second Tier 2 bond issuance for the current financial year.

The bonds are of 10-year tenor, with a Call option after 5 years. There were 47 institutional investors across provident funds, pension funds, mutual funds, banks bidding for the issue. SBI received bids two times against the base issue of ₹5,000 crore. The bank decided to accept ₹6,051 crore at a coupon rate of 7.05%.