State Bank of India Raises INR 7,500 Crores at 6.93% Through Basel III Compliant Tier 2 Bond Issuance

State Bank of India (SBI), the country's largest lender, has raised INR 7,500 crores at a coupon rate of 6.93% through its Basel III compliant Tier 2 bond issuance for the current financial year. The bonds, rated AAA with stable outlook from ICRA Limited and CARE Ratings Limited, have a tenor of 10 years with a call option after 5 years and each anniversary dates thereafter. The issue attracted bids approximately 3 times against the base issue size of INR 5,000 crores, indicating a strong response from investors across provident funds, pension funds, mutual funds, banks, and other qualified institutional bidders. The Bank's decision to accept the full amount of INR 7,500 crores reflects the trust investors place in the country's largest Bank.