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.