State Bank of India plans to sell up to Rs. 5 billion tier II bonds

By Reshmi Basu

New York, May 11 - State Bank of India said it received approval from its executive board for its proposal to raise up to Rs. 5 billion of unsecured subordinated upper tier II bonds.

The issue will carry a tenor of more than 60 months and will be issued via private placement.

The bank will also be able to exercise a greenshoe option if the issue is oversubscribed.

The chairman of the bank will decide the timing of the issue.

State Bank of India is a New Delhi-based state-run bank.

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