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SBI board approves $2 bn fund raise in FY23 in single or multiple tranches

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State Bank of India’s board has approved long term fund raising of $ 2 billion in the current financial year in single or multiple tranches, the lender said in a stock exchange filing on Tuesday.

The funds will be raised through a public offering and/or on private placement basis.

In the exchange filing, the bank said the central board of the SBI has approved, “To examine the status and decide on long term fund raising in single/multiple tranches up to $ 2 billion under Reg S/144A through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY 2022-23.”

SBI’s capital adequacy ratio (CAR) as on December 31, 2021 was 13.23% without including profit for the first nine months of FY22. Including the nine month profit, the CAR improves by 94 bps.

According to RBI norms, banks are required to maintain a minimum capital adequacy ratio of 9 per cent on an ongoing basis.

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