SBM Bank India raises Rs 99 crore from LIC via issuance of Tier II bonds

SBM Bank (India) Limited today said that it has raised Rs 99 crore through the issuance of second tranche Basel-III compliant Tier II Bonds on January 24, 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 till date through Basel III compliant Tier 2 bonds.

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. 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."

Shares of Life Insurance Corporation Of India was last trading in BSE at Rs. 665.55 as compared to the previous close of Rs. 689.30. The total number of shares traded during the day was 126851 in over 6019 trades.

The stock hit an intraday high of Rs. 692.85 and intraday low of 660.00. The net turnover during the day was Rs. 85287644.00.

Source : Equity Bulls

Keywords

LIC LifeInsuranceCorporationofIndia INE0J1Y01017 SBMBankIndia FundRaising Basel3 Tier2Bonds