State Bank of India plans to raise 250 billion rupees by issuing Basel III-compliant Tier II bond and equity shares during fiscal year 2019.
The state-run bank is looking to issue 50 billion rupees of Indian rupee-denominated or U.S. dollar-denominated bonds to Indian or overseas investors in a public offering or private placement. Further, it proposed to raise 200 billion rupees by issuing equity shares in a follow-on offering, preferential allotment, rights issue or through any other mode.
The proposed share issuance is subject to the approval of the bank's shareholders and Indian regulators.
As of Oct. 22, US$1 was equivalent to 73.57 Indian rupees.