The Committee of Directors' has authorised the bank to raise up to Rs 12,000 crore by way of "issue of Basel III compliant Tier-II bonds, at par, through private placement", SBI said in a filing to the BSE.
Country's largest lender State Bank of India (SBI) today said it plans to raise up to Rs 12,000 crore by issuing tier-II bonds on private placement basis. The Committee of Directors' has authorised the bank to raise up to Rs 12,000 crore by way of "issue of Basel III compliant Tier-II bonds, at par, through private placement", SBI said in a filing to the BSE. SBI said the amount may be raised in a single or more tranches and the coupon rate on the bonds may be decided at the time to actual issuance. According to a Fitch Ratings report, Indian banks need USD 140 billion capital to ensure full compliance with the Basel III norms by 2018-19. The Basel III norms are aimed at bolstering banks' resilience. Basel III capital regulations are being implemented in India with effect from April 1, 2013 in a phased manner.
Country's largest lender State Bank of India (SBI) today said it plans to raise up to Rs 12,000 crore by issuing tier-II bonds on private placement basis. The Committee of Directors' has authorised the bank to raise up to Rs 12,000 crore by way of "issue of Basel III compliant Tier-II bonds, at par, through private placement", SBI said in a filing to the BSE. SBI said the amount may be raised in a single or more tranches and the coupon rate on the bonds may be decided at the time to actual issuance. According to a Fitch Ratings report, Indian banks need USD 140 billion capital to ensure full compliance with the Basel III norms by 2018-19. The Basel III norms are aimed at bolstering banks' resilience. Basel III capital regulations are being implemented in India with effect from April 1, 2013 in a phased manner.
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