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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
How Indian market will react in itLike 1