State Bank of India plans to issue 20.45 billion Indian rupees of Basel III-compliant Additional Tier 1 bonds.

The nonconvertible, perpetual, subordinated and unsecured notes will carry an annual coupon of 9.37%, as well as a call option after five years or any subsequent anniversary date, according to a Dec. 21 filing.

As of Dec. 21, US$1 was equivalent to 70.13 Indian rupees.