State Bank of India said Dec. 10 that it plans to raise up to US$1.25 billion through the issuance of foreign currency bonds.

The bank's board will meet Dec. 12 to consider the proposal and determine the long-term strategy to raise the amount through senior unsecured notes in U.S. dollars or another convertible currency. The bonds may be issued in single or multiple tranches either through a public offer and/or a private placement.

The bonds will be issued between January and March 2019.