SBI to raise Rs 5k crore through bonds for affordable housing

sbiBy Accommodation Times Bureau

NEW DELHI

On Tuesday, State Bank of India (SBI) said it proposes to raise Rs 5,000 crore to fund affordable housing through long-term bonds.

SBI said in a filing to stock exchanges, that the proposed bond raising programme aims at funding infrastructure and affordable housing.

For financing of infrastructure and affordable housing in a domestic and overseas market, the bank will seek approval of the board for issuance of long-term bonds of Rs 5,000 crore, it said.

However, the bank did not specify whether the borrowing would be in dollar or rupee denomination.

On 17th January the executive committee of the central board is planned to have a meeting, it added.

Yesterday, the bank announced plans to raise up to $2 billion (over Rs 12,600 crore) by issuing bonds in US dollar or other convertible currency over two fiscals to fund overseas expansion.

Through public offer and or private placement the fund-raising will take place of senior unsecured notes in US dollar or any other convertible currency during 2017-18 and 2018-19, it said.

 

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