SBI plans to raise $1.5 bn from overseas bonds

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New Delhi | Updated: June 23, 2016 9:57:50 PM

State Bank of India (SBI) today said it plans to raise USD 1.5 billion (about Rs 10,000 crore) from overseas markets via bonds during the current fiscal to fund its expansion.

SBIThe bank posted a net profit of Rs 3,742.02 crore in the corresponding January-March quarter of the previous fiscal (2014-15). (PTI)

State Bank of India (SBI) today said it plans to raise USD 1.5 billion (about Rs 10,000 crore) from overseas markets via bonds during the current fiscal to fund its expansion.

The bank’s board is meeting on June 29 to take a decision in this regard, SBI said in a statement.

The board would examine the status and decide on long-term fund raising in single or multiple tranches of up to USD 1,500 million through a public offer or private placement of senior unsecured notes in US dollar or any other convertible currency during 2016-17, it said.

Also Read: SBI Composite Index declines further in June

For the fourth quarter ended March 2016, the country’s largest lender posted 66 per cent slump in standalone profits to Rs 1,263.81 crore, as it more than doubled the provisions for bad loans.

The bank posted a net profit of Rs 3,742.02 crore in the corresponding January-March quarter of the previous fiscal (2014-15).

Its provision towards bad loans alone were raised to Rs 12,139.17 crore during the last quarter of 2015-16, up from Rs 4,985.83 crore in the year-ago period.

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