State Bank of India reported that its Board of Directors has on Friday approved raising up to Rs 50,000 crore through the private placement of debt instruments during FY24.

"The Central Board of the Bank has accorded approval for raising funds in INR and / or any other convertible currency by issue of debt instruments including but not limited to Long Term Bonds, Basel III compliant Additional Tier 1 Bonds, Basel III compliant Tier 2 Bonds, upto an amount of Rs 50,000 crores through private placement mode to Indian and/or Overseas investors during FY24, subject to GOI approval wherever required," said SBI in a stock exchange filing.

SBI's stock on the BSE was trading 1.8% lower at Rs 577.75 at 14:05 on Friday.

In order to finance the expansion of its international business, SBI, the largest public sector lender in the nation, raised $750 million last month under its $10 billion Global Medium Note programme.

Global investors contributed to the fund at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC), in Gandhinagar. The London Branch of SBI issued the bonds, which had a competitive pricing and were intended to finance the expansion of offshore businesses.

"This demonstrates strong investor confidence in the country’s largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year," it said.

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