SBI to raise up to ₹50,000 cr in FY24

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Central Council of State Bank of India (SBI)On Friday, it agreed to raise funds totaling ₹50,000 crore by issuing debt instruments, including equity instruments, in FY24.

The approval of the Board of Directors to raise funds in Indian Rupees and/or any other convertible currency by issuing debt instruments, including but not limited to Long-Term Notes, Additional Basel III Compliant Tier 1 Notes, and Basel III Compliant Tier 2 Notes India’s largest bank in a regulatory filing.

Also read: collecting money. SBI will raise up to $2 billion in fiscal year 24 from overseas markets

It added that the resources will be raised through private placement placement for Indian and/or foreign investors during FY24, subject to government approval where required.

Also read: Quarterly result. SBI’s net profit for the fourth quarter increased by 83% to a record ₹16,695 crore

The SBI raised funds raised around Rs. 38,850 crore through the issuance of Infrastructure Bonds, Tier 2 Bonds and AT-1 Bonds in FY23.