SBI likely to receive Rs 2,000-crore investment from LIC

State Bank of India has plans to raise around Rs 2,000-crore through the issue of upper Tier-II bonds to Life Insurance Corporation of India by the end of this month, an SBI source said.
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Updated on Feb 25, 2009 06:38 PM IST
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PTI | By, Mumbai

State Bank of India has plans to raise around Rs 2,000-crore through the issue of upper Tier-II bonds to Life Insurance Corporation of India (LIC) by the end of this month, an SBI source said.

“SBI plan to raise around Rs 2,000-crore from LIC by the end of this month. This is a part of our regular capital-raising programme,” the source told PTI in Mumbai on Wedday.

The bonds will have a maturity of 15-years and the capital will be used to fuel the business expansion plans of SBI, the source said.

Country’s largest lender has plans to raise around Rs 18,000-crore worth funds over a period of 1-2 years, out of which it has already raised Rs 4,000-crore, the source said.

“With the LIC’s Rs 2,000-crore investment, the bank would be completing Rs 6,000-crore investment in the current fiscal,” the source said.

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