SBI to raise nearly Rs 9,980 crore by issuing bonds

Country's largest lender SBI said it will raise long-term capital of up to $1.5 billion (over Rs 9,980) by issuing bonds in US dollar or other convertible currency.

SBI said in a BSE filing that the decision is the outcome of the executive committee meeting of the Board on Wednesday.

The Executive Committee of the Central Board in its meeting held on June 29, 2016, has approved "to raise long term funds up to $1,500 million in single/multiple tranches", SBI said in the filing.

It said the fund raising will take place through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during the current financial year 2016-17.

SBI stock was trading 0.72% higher at Rs 217.85 on BSE.