State Bank of India to raise up to $3 bln via debt in FY25

Punjab & Sind Bank

11/06/2024 09:27

BENGALURU, June 11 (Reuters) - State Bank of India
 SBI.NS , the country's largest lender, said on Tuesday that its
board has approved raising up to $3 billion via debt in the
current financial year.
    The state-run lender will raise the funds in one or more
tranches through a public offer or a private placement of senior
unsecured notes, which will be denominated in U.S. dollars or
another major foreign currency, it said.
    The Mumbai-based lender did not mention what the proceeds
will be used for.
    Indian banks are shoring up their capital base to meet the
rising demand for loans.
    Several state run-lenders, including Canara Bank  CNBK.NS ,
Punjab and Sind Bank  PUNA.NS  and Punjab National Bank
 PNBK.NS , plan to raise funds via debt this fiscal year.
    In January, SBI raised 50 billion rupees (about $600
million) by selling Basel III-compliant additional tier-I
perpetual bonds.
    The lender is also open to raising equity capital to support
growth, Chairman Dinesh Kumar Khara said last month.
    SBI's shares were up 0.8% on Tuesday and have gained 30.5%
so far this year.
 
 ($1 = 83.4950 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by
Sonia Cheema)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))