State Bank of India (SBI) on Wednesday said it has raised ₹4,691 crore via Basel III compliant Additional Tier 1 (AT-1) bond issuance to fund business growth.
The tenor of these bonds is perpetual with call option after 5 years and each anniversary date thereafter, SBI said in a statement.
This issue attracted a robust response from investors with bids of more than 2 times against the base issue size of ₹3,000 crore, it said, adding, the total number of bids received was 89, indicating participation from diverse set of qualified institutional bidders.
The investors were across provident funds, pension funds, mutual funds, and banks, among others.
Commenting on the fund raising, SBI Chairman C S Setty said that wider participation and heterogeneity of bids demonstrated the trust investors place in the country's largest bank.
