SBI to Raise Upto Rs 50,000 Crore Funds Through Debt Instruments in FY24

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SBI to Raise Upto Rs 50,000 Crore Funds Through Debt Instruments in FY24

By Malvika Gurung

Investing.com -- India’s largest public sector lender State Bank of India (NS: SBI ) will raise funds worth up to Rs 50,000 crore in the financial year 2023-24, through the issuance of debt funds.

In a Board meeting held on June 9, 2023, SBI’s Board approved raising funds in Indian rupee by issuing debt instruments up to an amount of Rs 50,000 crore through private placement mode.

The debt instruments to be issued could include Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, and Basel III compliant Tier 2 Bonds, among others, and these instruments will be issued to Indian investors and/or investors overseas during FY24.

SBI’s Central Board has approved that the aforementioned funds could be raised in either INR and/or any other convertible currency. The whole fundraising approval given by the state-owned lender’s Board is subject to the approval of the Government of India.

InvestingPro’s financial models appear bullish on the star banking stock and have an average fair value of Rs 836.37/share set on it, indicating an upside of almost 45%.

InvestingPro sees the most bullish fair value set on SBI’s stock at Rs 1,144/share, indicating a whopping 97.6% potential upside.

SBI’s shares declined nearly 2% by 1.62% to Rs 578.95 apiece at 3:15 pm in Friday’s trade.

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  • Kanha shree SHARMA @Kanha shree SHARMA
    How Indian market will react in it
    Like 1

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