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SBI to raise 12,000 cr from bonds by Mar 2012

Thursday, December 30, 2010
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Mumbai: The country's largest lender, State Bank of India (SBI), today said it plans to raise Rs.12,000 crore through bonds to fund its business growth. The executive committee of the central board of the bank has accorded approval for raising the capital for an aggregate amount of Rs 10,000 crore by way of the issue of Tier II bonds, SBI informed the Bombay Stock Exchange. The fund would be raised during the remaining period of 2010-11 and 2011-12 in different tranches, it said. Besides, the bank also plans to raise Rs 2,000 crore from bonds offered to retail investors. The board has also given approval for raising Rs 1,000 crore with a green shoe option. This would have option to retain any amount of oversubscription under the retail category beyond Rs 2,000 crore but to the rates amount of Rs 10,000 crore, it said.
Source: PTI
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