SBI to raise Basel III-compliant tier-II bonds up to Rs 5,000 cr during FY20

The State Bank of India (SBI), India's largest lender, Wednesday said it will raise up to Rs 5,000 crore by issuing Basel III-compliant bonds.

"The meeting of executive committee of central board at its meeting held today (Wednesday) accorded approval to raise Basel III-compliant tier-II bonds up to Rs 5,000 crore in USD/INR to be issued to overseas and/or Indian investors during FY20, through a public offer/private placement," SBI said in a regulatory filing.

Shares of State Bank of India (SBI) closed 3.29 per cent down at Rs 348.55 apiece on the BSE.