The largest lender State Bank of India (SBI) on Monday announced that the board of directors have accorded its approval to allot non-convertible debentures amounting to Rs5,000cr.

A meeting was held today between SBI’s Committee of Directors for capital raising.

SBI in its regulatory filing said the Committee of Directors for Capital Raising at its meeting held today on 26.10.2020 accorded its approval to allot 50,000 Basel III compliant Non-convertible, Taxable, Redeemable, Subordinated, Unsecured, Fully Paid-up Debt instruments like debentures qualifying as Tier ll Capital of the Bank, of the face value of Rs10 lakh each.

The issue bears coupon rate of 5.83% per annum, payable annually for a tenor of 10 years with a call option after 5 years and on anniversary dates thereafter to bond subscribers, the bank said.

On Sensex, SBI stock finished at Rs196.75 per piece down 2.96%.

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