State Bank of India Board approves raising up to $3 billion via debt – Times of India
SBI did not disclose the intended use of the proceeds from the fundraising. The State Bank of India (SBI), the nation's biggest lender, announced on Tuesday that its board has given the green light to raise up to $3 billion through debt instruments in the present fiscal year.The government-run bank will secure the funds in one or more installments via a public offering or a private placement of senior unsecured notes, which will be denominated in "U.S.dollars or another major foreign currency," according to the bank's statement.SBI did not disclose the intended use of the proceeds from the fundraising, a Reuters report said.Indian banks are strengthening their capital base to cater to the increasing demand for credit in the country.Multiple government-owned banks, such as Canara Bank, ...