State Bank of India (SBI) is issuing Series 1 and Series 2 Lower Tier II Bonds of Face Value Rs. 10,000 totaling Rs. 500 crore with an option to retain over-subscription up to Rs. 500 crore, which aggregates to Rs. 1,000 crore.
India's Largest Lender is selling 15-year bonds with a coupon of 9.25%, at least 125 basis points higher than government bonds.
SBI is also enabling call options to buy back after some years. This is the first sale of bonds to retail investors of SBI.
The issuance and trading must be Read more...
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