SBI plans to raise Rs.20,000 crore via long-term bonds for affordable housing

INDORE, India - Jan. 12, 2018 - PRLog -- State Bank of India (SBI), the Indian multinational public sector banking and financial services, is planning to raise Rs. 20,000 crore via long-term bonds for affordable housing in the domestic space as well as the overseas market. The SBI had earlier proposed to raise Rs. 5,000 crore for the purpose.
Previously, the bank had also announced plans to raise capital worth to Rs. 2 billion dollars, ie. INR Rs. 12,600 crore, by way of issuing bonds in U.S Dollar or other convertible currency during 2017 - 18 & 2018 - 19 in the wake of financing it's overseas development. It had also raised funds valuing Rs. 8,000 crore, including masala bonds, in Dec 2017 to meet the Base-III capital norms. The bank has time until March 2018 to raise the funds, it said.  A meeting of the executive committee of the central board of the bank is scheduled to have a meeting on January 17, in this regard.
The State Bank of India had posted a 37.69% fall in its net profit to Rs. 1581.55 crore for the Q2FY-2018 on a yearly basis.
Meantime, Shares of State Bank of India were trading 0.30 percent lower at Rs.301.90 on National Stock Exchange, post lunch hours of trade, Friday.

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