State Bank to raise Rs.180 bn by March 2010

New Delhi, Dec 16 (IANS) India's largest state-owned bank, the State Bank of India (SBI), will raise Rs.180 billion by March 2010 to meet its capital requirement, it announced Tuesday.

'The bank is planning to raise unsecured and rated Rupee Innovative Perpetual Debt Instruments, upper Tier or Lower Tier II subordinated debt by way of bonds or other capital instruments that RBI may permit from time to time, not exceeding Rs.18,000 crore (Rs.180 billion) during the remaining part of FY 2008-09 and FY 2009-10,' SBI said in a regulatory statement.

Reserve Bank of India (RBI), is the country's central bank.

'The fund not exceeding Rs.18,000 crore would be raised in tranches with a minimum maturity of over 60 months as per the RBI guidelines through structured deals or by private placement or retail participation,' the State Bank of India said.