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SBI board approves fund raising of up to $1.5 billion

SBI board approves fund raising of up to $1.5 billion

SBI board approves fund raising of up to $1.5 billion
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By Ritu Singh  Jun 11, 2020 1:32:40 PM IST (Published)

State Bank of India (SBI) today said its board has approved long term fund-raising of up to USD 1.5 billion through a public offer and/or private placement of bonds.

State Bank of India (SBI) today said its board has approved long term fund-raising of up to USD 1.5 billion through a public offer and/or private placement of bonds.

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The Executive Committee of SBI's central board will now "examine the status and decide on long term fund-raising in single/multiple tranches upto USD 1.5 billion" during the financial year 2020-2021.
In November last year, State Bank of India raised Rs 3,813 crore through perpetual bonds to fund its business growth.
SBI reported a net profit of Rs 838.4 crore for the quarter ending March 2020. Its gross non-performing asset (NPA) as a percentage of total advances declined to 7.53 percent at the end of March quarter, down from 8.71 percent in the previous quarter.
Several other banks are also tapping the markets to raise funds, and prepare their war-chest to battle any negative impact from the spread of the COVID-19 pandemic, which has resulted in economic losses.
Since the spread of the COVID-19 pandemic, several lenders Housing Development Finance Corporation (HDFC), ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, IDFC First Bank, Yes Bank and AU Small Finance Bank have either received board approval for fund raising or intend to do so soon.
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