MUMBAI, March 3 (Reuters) - State Bank of India (SBI) plans to raise at least 20 billion rupees ($244.2 million)
by selling Basel III-compliant additional Tier-1 perpetual
bonds, three merchant bankers said on Friday.
The state-run lender has invited bids from investors and
bankers for the bond issue on Wednesday. Bidding will take place
on the National Stock Exchange's electronic platform between
10:00 a.m. IST and 11:00 a.m. IST, they said.
The issue has a greenshoe option to retain an
oversubscription of up to 34.56 billion rupees. Bonds also carry
a call option at the end of the 10th years.
The notes are rated AA+ by Crisil and Care, and the issue
will be settled on Thursday.
In February, SBI raised 45.44 billion rupees through
perpetual bonds at a coupon of 8.20%.
($1 = 81.8940 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by
Varun H K)
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