SBI to raise $2 billion long-term fund in 2022-23

Mumbai: The country's largest lender State Bank of India on Tuesday said its board has approved a proposal to raise $2 billion long-term fund in the current financial year.

In a regulatory filing to the stock exchanges, SBI said the fund would be raised in a single or multiple tranches.

"To examine the status and decide on long term fund raising in single / multiple tranches up to US$2 billion under Reg-S/144A, through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2022-23," SBI said.

The decision was taken by the Executive Committee of the Central Board of SBI in its meeting held on Tuesday.