SBI Board approves fund raising up to Rs 14,000 cr

The State Bank of India (SBI) announced on Monday that its board had approved the raising of additional Tier I funds of up to Rs 14,000 crore through Basel-III bonds.

PSU Bank’s Central Board of Directors approved the raising of funds through the issuance of a Basel III compliant debt security in USD and/or Indian Rupees in FY22. is subject to the approval of the Indian government.

SBI is an Indian multinational, statutory public sector banking and financial services organization. As of March 31, 2021, the Indian government held 57.63% of the capital while Life Insurance Corporation of India held 9.25% of the bank’s capital.

The public sector bank reported an 80% increase in its standalone net profit to Rs 6,450.75 crore on a 7% rise in total revenue to Rs 81,326.96 crore in Q4 FY21 compared to Q4 FY20 .

Shares of SBI rose 0.98% to Rs 423.65 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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