State Bank of India (SBI) on Wednesday said it will raise Rs 10,000 crore through fresh additional tier-1 (AT-1) bonds up to FY24.
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The bank’s board has approved the fund-raising proposal, the lender said in a notification to the exchanges. The bank’s capital adequacy ratio stood at 13.51% as of September 30, higher by 16 basis points (bps) Y-o-Y. The bank in July had said it would raise Rs 7,000 crore through AT-1 bonds and Rs 4,000 crore of tier-2 capital in FY23.
Earlier, the bank had raised Rs 10,000 crore through its first issue of infrastructure bonds. The bank will provide finance to infrastructure projects and affordable housing scheme through the funds raised through these bonds. Other than SBI, Bank of Baroda and ICICI Bank have raised funds through infrastructure bonds.