26 June 2024 Punjab Khabarnama : The country’s largest lender, State Bank of India (SBI), on June 26 raised Rs 10,000 crore through the issuance of infrastructure bonds maturing in 15 years, at a coupon rate of 7.36 percent, market sources said.
An infrastructure bond is a type of bond issued to finance the construction of an infrastructure facility.
“The bank has received 11 bids at a coupon rate of 7.36 percent. The cumulative amount was Rs 10,471.40 crore. The bank accepted only Rs 10,000 crore,” one of the sources said.
Further, the lender has also received 10 bids at 7.38 percent, 12 bids at 7.40 percent, and 10 bids at 7.42 percent, the source added.
The lender has received 143 total bids worth Rs 19,884.40 crore for the bonds during the bidding on the electronic bidding platform of National Stock Exchange of India (NSE).
SBI has planned to raise up to Rs 10,000 crore, which included Rs 5,000 crore in greenshoe, through 15-year infrastructure bonds.
The bonds have been rated ‘AAA’ with ‘Stable’ outlook by India Ratings and ICRA.
The pay-in date on the bonds is on June 27. Pay-in date is a date when the exchange of bonds and money takes place between issuers and investors.
