SBM Bank (India) on Friday said that it has raised Rs 99 crore through the issuance of the second tranche of Basel-III compliant tier II bonds on 24 January 2023.
The bank has raised the entire corpus from the country’s largest financial institution, the LIC of India.
With this fresh round of capital raising from multiple investors, SBM Bank India now has raised a total of Rs 224 crore to date through Basel III compliant tier II bonds, the company stated in a statement.
Mandar Pitale, Head- Treasury, SBM Bank India said, “We are extremely proud to have India’s largest public sector insurance company the LIC of India as the investor in our fund-raising exercise through bonds.”
Pitale added that LIC is a very respected name in the insurance space and its decision to subscribe to the entire tranche of our bonds shows its faith in the Bank’s overall ability to perform in a tight-leash private banking space.
“The funds will definitely help us in our business expansion plans and allow us to capture the emerging growth opportunities in the country,” added Pitale.
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