SBI raises ₹7,500 cr via Tier 2 bonds; here’s how PSU bank stock reacts
The PSU bank has raised the fund at a coupon rate of 7.42% through its first Basel III compliant Tier 2 bond issuance for the current financial year.
The PSU bank has raised the fund at a coupon rate of 7.42% through its first Basel III compliant Tier 2 bond issuance for the current financial year.
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These FCCBs would be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities
This is the sixth infra bond issued by the PSU bank; the proceeds will be used for funding infrastructure and affordable housing segments.
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CRISIL expects the outstanding size of the bond market to more than double from ₹43 lakh crore as of last fiscal to ₹100-120 lakh crore by fiscal 2030.
SBI’s infra bonds had a base issue size of ₹4,000 crore and a greenshoe option of ₹6,000 crore.
"It is a welcome development showing confidence in the Indian economy," says Ajay Seth, secretary, department of economic affairs (DEA).
The current regulatory framework for surety bonds presents the general insurance industry with a unique opportunity to diversify their portfolio, says IRDAI chairman.