SBI: SBI, the largest public sector bank, will raise Rs 50,000 crore from Indian and foreign markets through bonds in the current financial year. The board of State Bank of India has given its approval to the proposal to raise funds today i.e. on Friday. The Board of Directors has approved the raising of funds in Rupees or any other convertible currency by issue of Bonds. Significantly, SBI’s integrated net profit was Rs 18094 crore in the March quarter with an increase of about 90 percent.
subject to government approvalState Bank of India is trying to raise funds by inducting long term bonds, Basel-3 compliant Additional Tier-1 bonds or Basel-3 compliant Tier-2 bonds. Let us tell you, State Bank has got permission to issue bonds through private placement to Indian or foreign investors during the financial year 2023-24. However, this will be subject to the approval of the government. On behalf of SBI, the stock market has been told that the Central Board of Directors of the bank has approved this.
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What is the future plan of SBIAccording to media reports, the SBI board has advised the bank to invest with a target of 715. SBI stock is currently at 575 level. In such a situation, SBI has predicted an increase of 24 percent in the stock. Significantly, the performance of the bank has been much better in the March quarter.with language input
