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State Bank of India gets OK to issue first part of lower tier II bonds
By Marisa Wong
Madison, Wis., March 16 - The State of Bank of India announced that the executive committee of the central board of the bank approved the issue of Rs. 7,310,780,000 series 3 lower tier 2 bonds and Rs. 47,659,180,000 series 4 lower tier 2 bonds at a meeting on Wednesday.
As previously reported, the bank plans to issue Rs. 100 billion of subordinated lower tier 2 bonds in several tranches during fiscal 2011 and 2012.
The first tranche of the issue opened on Feb. 21 and closed on Feb. 28.
The Mumbai-based lender said there is a Rs. 10 billion greenshoe and an option to retain any oversubscription amount under the retail category beyond Rs. 20 billion.
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