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SBI raises Rs 2,100 crore through perpetual bonds

In order to boost its capital base as well as business growth, State Bank of India (SBI), country's largest public sector lender, has raised Rs 2,100 crore through perpetual bonds. The bank has issued and allotted 21,000 AT1 Basel III compliant Non- convertible, Perpetual, Subordinated, Unsecured Debt instrument in the nature of debenture, of face value Rs 1,000,000 each at par through private placement bearing coupon at 9 percent p.a. payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2100 crore in first tranche, to Yes Bank.

SBI has reported 31.73% fall in its net profit at Rs 2520.96 crore for the quarter ended June 30, 2016 as compared to Rs 3692.43 crore for the same quarter in the previous year. However, total income of the bank increased by 9.38% to Rs 48928.60 crore for the quarter under review from Rs 44730.87 crore for the corresponding quarter of the previous year.

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