SBI to issue Basel III-complaint bonds to raise Rs 2045 crore

State Bank of India (SBI) Friday said it would raise Rs 2,045 crore by issuing Basel III-compliant bonds.

"The committee of directors for capital raising at its meeting held today on December 21, 2018, deliberated and accorded approval to allow 20,450 non-convertible, taxable, perpetual, subordinated, unsecured Basel III-compliant additional tier-1 bonds, for inclusion in additional tier-1 capital of the bank...aggregating to Rs 2,045 crore," SBI said in a regulatory filing.

SBI said the bonds are in the nature of debentures of face value of Rs 10 lakh each bearing coupon of 9.37 per cent per annum payable annually, with a call option after 5 years or any anniversary date thereafter.

Shares of SBI fell 0.75 per cent to Rs 291.65 apiece on the BSE.