State Bank of India (SBI), the country’s largest lender, has raised Rs 4,691 crore by selling Tier 1 bonds to domestic investors at a coupon rate of 7.75%. This is the bank's first Basel III compliant Additional Tier 1 bond for the current financial year.
The bonds have a five year call option when SBI can buy back the bond and with each anniversary date thereafter, the bank said.
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