SBI to raise Rs10,000-crore in FY11-12

State Bank of India, the country's top lender, today announced plans to raise a total of Rs10,000 crore through issue of bonds, in different tranches, over the current and next fiscals.

The executive committee of the central board of the state-run bank, which met today, approved plans to raise Rs10,000-crore in capital by way of public issue of subordinated bonds over FY 2010-11 and FY 2011-12.

The bank will raise over Rs2,000 crore in a Rs1,000-crore issue with a green shoe option of Rs1,000 crore, along with an option to retain any amount of oversubscription under the retail category. The issue would raise above Rs2,000 crore but up to the rated amount of Rs10,000 crore, in the first tranche, the bank said in its release.