Country’s largest lender, State Bank of India (SBI) on February 20 said it has exercised call option on Basel-III Additional Tier-I bonds issued on March 22, 2019.
“The bank (with the approval of RBI) has decided to exercise the call option on the Non-Convertible, Unsecured Basel III Compliant Additional Tier 1 Bonds (INE062A08199), on the call option date i.e., 22.03.2024,” lender said in an exchange filing.
On March 22, 2019, the bank raised Rs 1,251.30 crore through Basel-III Additional Tier-I bonds at a coupon rate of 9.45 percent. The bonds had a call option date of March 22, 2024.
The lender said the principal amount together with interest for the period from March 22, 2023, to March 21, 2024, will be paid on March 22, 2024, and the Bond will not carry any obligation from the said call option date.
“March 7, 2024, will be the ‘Record Date’ for payment of call option amount along with last interest due,” the bank said in a release.
The payment will also be subject to the terms of the Information Memorandum of the Bond series, the lender added.
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