New Delhi: State Bank of India (SBI) on Wednesday said it has raised Rs 7,500 crore through issuance of Basel III-compliant Tier 2 bonds to qualified institutional bidders. In a regulatory filing, SBI said the issue attracted overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore."The investors were across provident funds, pension funds, mutual funds, banks etc," SBI said.SBI Chairman C S Setty said the wider participation and heterogeneity of bids demonstrated the trust investors place in the country's largest bank.The bonds are issued for a tenor of 15 years and have a coupon rate of 7.33 per cent. This is the second Basel III-compliant Tier 2 bond issuance for the current fiscal.
"The bank has decided to accept Rs 7,500 crore at a coupon rate of 7.33 per cent payable annually for a tenor of 15 years with call option after 10 years and each anniversary dates thereafter," SBI said.Basel III is a set of international banking regulations to promote stability in the international financial system.-
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