On December 14, 2022, SBI announced an increase in fundraising after approving BOD up to Rs 10,000 crore through the issuance of a Basel III-compliant debt instrument.
- India Kicks Off 2025 with Accelerated Free Trade Negotiations
- Consumer Inflation in the US Rise to 2.9% in December
- Amazon Acquires Axio; Awaiting Approval from Regulator
- Delhivery Shares Surge 3% on Launching Rapid Commerce
- L&T Technology Services Shares Soar 10% on Strong Revenue Guidance
The bank’s central board has approved raising capital by issuing Basel III-compliant debt instruments in INR and/or any other convertible currency up to FY24. Additional Tier 1 (AT1) to raise a fund of Rs 10,000 crore subject to GOI (Government of India).
The bank has financial services statutory body. At the second quarter’s end, the stake held by GOI was 57.52% stake in the bank. On a consolidated basis, SBI’s net profit reported a 73.93% jump to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in the second quarter of FY23 over the second quarter of FY22.
On the Bombay Stock Exchange (BSE), SBI hit a high of 0.62 % to Rs 629.45.
