SBI to raise Rs.5,000 cr for affordable housing

SBI to raise Rs.5,000 cr for affordable housing

The 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 has been accorded approval from the Executive Committee of its Central Board.

´The Executive Committee of (the) 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,´ SBI 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 the domestic and overseas markets.

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