SBI raises Rs 100 billion via infrastructure bonds

State Bank of India (SBI) has raised Rs 100 billion via infrastructure bonds at a coupon rate of 7.36 per cent. With the current issuance, the total outstanding long-term bonds issued by the bank stand at Rs 497.18 billion. The issue, fifth in the infrastructure sector, has attracted an overwhelming response from investors with bids in excess of Rs 198.84 billion, or an oversubscription of around 4x against the base issue size of Rs 50 billion. A wider participation was witnessed from provident funds, pension funds, insurance companies, mutual funds, and corporates. In total, around 143 bids were received. The proceeds will be used to enhance long-term resources for funding infrastructure and affordable housing sectors.