State Bank of India raises ₹6,051 crore in tier-II bonds

The country’s largest public sector State Bank of India has said that it has raised ₹6,051 crore in tier-II bonds that are Basel III compliant at a coupon rate of 7.05 per cent.

The issue attracted response from investors with bids of two times against a base issue size of ₹5,000 crore. The total number of bids received was 47 including investors such as provident funds, pension funds, mutual funds and banks.

The bonds are payable annually for a tenor of ten years with a call option after five years and each anniversary date thereafter.