SBI to raise Rs 50,000 crore through bonds
SBI, India’s largest public sector bank, is set to raise Rs 50,000 crore from Indian and foreign markets through bonds in the current financial year. The board of State Bank of India approved the proposal to raise funds on Friday. The bank plans to induct long-term bonds, Basel-3 compliant Additional Tier-1 bonds or Basel-3 compliant Tier-2 bonds, subject to government approval. SBI has already received permission to issue bonds through private placement to Indian or foreign investors during the financial year 2023-24. The bank’s integrated net profit was Rs 18094 crore in the March quarter, with an increase of about 90 percent.
Future plans of SBI
According to media reports, the SBI board has advised the bank to invest with a target of 715. The current SBI stock level is at 575, and the bank predicts an increase of 24 percent in the stock. The bank’s performance has been much better in the March quarter.
Extreme weather impact
In other news, adverse weather conditions have caused 233 deaths and damaged 0.95 million hectares of crops in India.
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