State Bank of India OKs up to Rs. 120 billion in tier II bond issue

By Tanya Meyer

Chicago, Dec. 22 – State Bank of India has informed the Bombay Stock Exchange that its committee of directors have approved to raise up to Rs. 120 billion by issuing Basel III compliant tier II bonds.

The bonds will be issued at par on a private placement basis, according to a news release.

The number of tranches and coupons will be determined at the time of the bond issuance.

State Bank of India is a Mumbai-based multinational, public sector banking and financial services company.

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