SBI to raise Rs 5,000 cr by issuing Basel III-compliant bonds

New Delhi: The country's largest lender SBI on Wednesday said it will raise up to Rs 5,000 crore by issuing Basel III-compliant bonds.

"The meeting of executive committee of central board at its meeting held today (Wednesday) accorded approval to raise Basel III-compliant tier-II bonds up to Rs 5,000 crore in USD/INR to be issued to overseas and/or Indian investors during FY20, through a public offer/private placement," SBI said in a regulatory filing.

Shares of State Bank of India (SBI) closed 3.29 per cent down at Rs 348.55 apiece on the BSE on Wednesday.