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Mumbai/IBNS: State Bank of India (SBI) is looking to raise Rs 10,000 crore via additional tier – 1 (AT1) bonds until March 2024, to fund business growth.

On Wednesday, SBI informed BSE that its board approved the fundraise in a meeting via the BASEL III-compliant debt instrument in rupee or any other convertible currency till FY24.

This fundraising would be subject to the Government of Indias concurrence, SBI said.

The bank wants to raise this capital before March and the issuance would be in tranches based on the appetite of the market, it said

In September 2022, SBI already raised over Rs 10,800 crore in debt capital via tier I bonds (Rs 6,872 crore) and tier II bonds (Rs 4,000 crore). It issued AT1 bonds at a cut-off of 7.75 percent.

At 13.51 percent, SBIs capital adequacy ratio (CAR) in September 2022 was comfortably above regulatory requirements but it is still looking to develop a base to support growth in this and the subsequent financial year.

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