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SBI mops up Rs 10,000 crore more via infra bonds

The total number of bids stood at 120 indicating wider participation by provident funds, pension funds, insurance companies, mutual funds.

SBIMUMBAI: The nation’s largest lender State Bank of India is on a fund-raising spree, mopping up Rs 10,000 crore through an infra bonds sale within a month of a similar amount.

The sixth infrastructure bond issuance has been priced at a coupon rate of 7.36 per cent, at the same level as the fifth issue, the bank said in a statement Wednesday.

The issue attracted an overwhelming response from investors with bids over Rs 18,145 crore and an oversubscription of around 3.6 times against the base issue size of Rs 5,000 crore.

The total number of bids stood at 120 indicating wider participation by provident funds, pension funds, insurance companies, mutual funds, corporates etc.

Based on the good response, the bank has decided to accept Rs 10,000 crore at a coupon rate of 7.36 per cent payable annually for the 15-year money that is rated AAA with stable outlook.

With this issuance, the total outstanding long-term bonds issued by the bank stands at Rs 59,718 crore.

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