SBI to raise Rs 11,100 crore capital

Mumbai, Aug 24 (IANS) Country's largest lender State Bank of India (SBI) on Wednesday said it was authorised by capital raising committee to raise Rs 11,100 crore through Basel III compliant debt instruments on a private placement basis.

"..the Committee of Directors for Capital Raising at its meeting held on August 24, 2016 authorised the Bank to raise upto Rs 11,100 crore AAdditional Tier 1 capital, by way of issue of Basel III compliant Perpetual Debt instrument in USD and/or INR, at par, through private placement to overseas and/or Indian investors,.." the bank said in a filing to Bombay Stock Exchange.

On the BSE, the SBI scrip closed on Wednesday at Rs 254.65, up by 0.02 percent over the previous close.