June 4, 2020 / 10:05 AM / a month ago

SBI to consider raising up to $1.5 billion

FILE PHOTO: Employees of State Bank of India (SBI) wait for customers to offer loans at a "loan mela" or a loan fair, organized by various Indian banks in New Delhi, India, October 4, 2019. Picture taken October 4, 2019. REUTERS/Anushree Fadnavis

BENGALURU (Reuters) - India’s biggest lender, State Bank of India, said on Thursday its board will meet on June 11 to consider raising funds in single or multiple tranches of up to $1.5 billion.

The bank said it will raise the funds during 2020-21 through a public offer, a private placement of senior secured notes in U.S. dollar or any other convertible currency.

Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Arun Koyyur

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