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SBI to raise Rs 11,100 crore through debt instruments

( 14:00, 24-Aug-16)

State Bank of India (SBI), country’s largest public sector lender, has decided to raise up to Rs 11,100 crore additional 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, in such number of tranche(s), at such time(s) as may be considered appropriate and on such coupon(s) as may be decided at the time of actual issuance. The board at its meeting held on August 24, 2016 has approved for the same.

State Bank of India has reported 31.73% fall in its net profit at Rs 2520.96 crore for the quarter ended June 30, 2016 as compared to Rs 3692.43 crore for the same quarter in the previous year. However, total income of the bank increased by 9.38% to Rs 48928.60 crore for the quarter under review from Rs 44730.87 crore for the corresponding quarter of the previous year.

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