SBI issues bonds of Rs 10K crore to finance infrastructure projects
Arpita Kushwaha | June 27, 2024 4:27 PM CST
Today, State Bank of India (SBI) issued its sixth set of infrastructure bonds, raising Rs 10,000 crore. The funds were raised at a coupon rate of 7.36% by the biggest lender in the nation.
According to a regulatory filing by SBI, the issuance was oversubscribed by about four times the basic issue size of Rs 5,000 crore and received an enormous reaction from investors with bids exceeding Rs 19,884 crore.
It said that 143 bids in total were submitted, demonstrating a greater level of engagement and bid variety. It said that the investors included insurance firms, pension funds, and provident funds.
According to the statement, the bonds would be used to improve long-term financing sources for the infrastructure and affordable housing sectors.
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