Business and Finance

SBI to raise Rs 5,000cr in FY17 for infra, affordable housing

NEW DELHI: Country’s largest lender SBI will raise Rs 5,000 crore to fund infrastructure and affordable housing during the fiscal by issuing long-term infra bonds.

The bank was accorded approval from the Executive Committee of its Central Board at a meeting held today.

“The Executive Committee of Central Board at its meeting held on November 10, 2016, has accorded its approval for issuance of long term bonds of Rs 5,000 crore for financing of infrastructure and affordable housing during 2016-17,” it said in a regulatory filing.

The bonds are to be issued on a private placement basis in tranches.

SBI said it will raise the money at an appropriate time in domestic as well as overseas market.

Earlier on Tuesday, the bank had informed about raising Rs 5,000 crore, saying the Executive Committee of the Central Board will consider the proposal on November 10, 2016.

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