[sbinews] SBI to raise Rs 4,000cr via debt (Business Standard)
- From: Rajendra S Pai <rspai@xxxxxxxxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Fri, 18 Feb 2005 18:48:04 -0800 (PST)
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SBI to raise Rs 4,000cr via debt
(Business Standard)
Press Trust of India / New Delhi February 17, 2005
Keeping its option of a public offer open, State Bank of India (SBI) plans
to mop up Rs 3,000-4,000 crore through bonds this fiscal to meet business
needs.
"I am not ruling out any public offer, but we will preferably go for
subordinated debt (tier-II capital)," A K Purwar, chairman of SBI, said
today.
He said the bank may raise Rs 3,000-4,000 crore in the current fiscal
through subordinated debt and may also tap the international markets.
The borrowing plan comes in the wake of the surge in credit from industry
and meeting its own business requirements.
SBI logged 26% growth in credit in the third quarter, and is expecting an
overall growth of 20% in this fiscal.
The fund-raising by SBI also comes in the background of the stringent
Basle-II norms to be effective from 2006-07. "We will abide by the Basle-II
norms by 2007 as mandated by RBI," Purwar said.
On the interest rate scenario, Purwar said: "It will be stable in the short
term if the international rates and inflation in India remain at the current
level. It (interest rates) is not likely to move downwards."
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