SBI to raise up to USD 2 billion via overseas bonds

New Delhi: Country's largest lender State Bank of India plans to raise up to USD 2 billion (over Rs 12,600 crore) by issuing bonds in US dollar or other convertible currency.

"The executive committee of the Central Board has approved long term fund-raising in single/multiple tranches up to USD 2 billion," State Bank of India (SBI) said in a regulatory filing.

It said the fund-raising will take place through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during fiscal 2017-18 and 2018-19.

Shares of SBI were trading 0.44 per cent higher at Rs 307.55 on BSE.