State Bank Of India
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By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
By Dharamraj Dhutia
MUMBAI, Aug 13 (Reuters) - India's Bank of Baroda BOB.NS is considering dollar funding, a day after its peer State Bank of India, the country's largest lender by assets, received strong demand for its foreign-currency bonds, two merchant bankers said on Thursday.
BOB, India's second largest state-run lender by assets, plans to raise funds through a dual-tranche bond issue maturing in three years and five years, and has provided initial guidance.
The bank has offered a spread of 120 basis points above U.S. Treasury for the three-year option and 130 bps on the five-year sale, the bankers added, requesting anonymity as they are not authorised to speak to media.
BOB did not reply to a Reuters email seeking comment.
"Ideally, they are eyeing $500 million through each maturity, but if the cutoffs are aggressive, they could choose to upsize one of the maturities," one of the bankers quoted above said.
Indian banks have been making a beeline for dollar issues after the Reserve Bank of India's swap facility announced in June made overseas borrowing cheaper.
State Bank of India SBI.NS on Wednesday raised $500 million through a five-year issue at 5.25% coupon payable semi-annually. The issue was sold at a spread of 88 bps over Treasuries, sharply lower from a guidance of 120 bps, with bidding nearly touching $2.5 billion.
Private peers such as HDFC Bank, Axis Bank and ICICI Bank also raised funds through dollar bonds in June and July.
Bank of Baroda will issue these papers through its branch in International Financial Service Centre Banking unit at GIFT City. The proceeds will be used towards funding requirements of the bank's head office as well as foreign branches, along with general corporate purposes.
The bonds will be rated BBB, BBB– and BBB+ by S&P, Fitch Ratings and CareEdge Ratings, in line with the issuer's ratings.
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 13 (Reuters) - India's Bank of Baroda BOB.NS is considering dollar funding, a day after its peer State Bank of India, the country's largest lender by assets, received strong demand for its foreign-currency bonds, two merchant bankers said on Thursday.
BOB, India's second largest state-run lender by assets, plans to raise funds through a dual-tranche bond issue maturing in three years and five years, and has provided initial guidance.
The bank has offered a spread of 120 basis points above U.S. Treasury for the three-year option and 130 bps on the five-year sale, the bankers added, requesting anonymity as they are not authorised to speak to media.
BOB did not reply to a Reuters email seeking comment.
"Ideally, they are eyeing $500 million through each maturity, but if the cutoffs are aggressive, they could choose to upsize one of the maturities," one of the bankers quoted above said.
Indian banks have been making a beeline for dollar issues after the Reserve Bank of India's swap facility announced in June made overseas borrowing cheaper.
State Bank of India SBI.NS on Wednesday raised $500 million through a five-year issue at 5.25% coupon payable semi-annually. The issue was sold at a spread of 88 bps over Treasuries, sharply lower from a guidance of 120 bps, with bidding nearly touching $2.5 billion.
Private peers such as HDFC Bank, Axis Bank and ICICI Bank also raised funds through dollar bonds in June and July.
Bank of Baroda will issue these papers through its branch in International Financial Service Centre Banking unit at GIFT City. The proceeds will be used towards funding requirements of the bank's head office as well as foreign branches, along with general corporate purposes.
The bonds will be rated BBB, BBB– and BBB+ by S&P, Fitch Ratings and CareEdge Ratings, in line with the issuer's ratings.
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 12 (Reuters) - State Bank of India SBI.NS, the country's largest lender, drew strong demand in its return to the public dollar bond market after nearly a year, with pricing tightening sharply from initial guidance, three merchant bankers said on Wednesday.
SBI raised $500 million through a five-year dollar bond issued via its London branch, the lender said in a stock exchange filing late on Tuesday.
These bonds will be priced at a spread of 88 basis points over U.S. Treasuries, sharply below initial guidance of 120 bps. The notes carry a coupon of 5.25%, payable semi-annually.
The final spread was broadly in line with CreditSights' expectation of 90 basis points, although the research firm expects it to tighten further to around 80 basis points in the secondary market.
Spreads on dollar bonds issued by Indian borrowers have widened in recent weeks on expectations of heavy supply following the Reserve Bank of India's swap concession window, while demand has been tempered by attractive rates on foreign-currency deposits.
"As we had anticipated, some of this spread premium has begun to fade as supply is absorbed... We have an outperform recommendation on SBI," CreditSights analysts said in a note.
The lender witnessed tightest pricing, after ICICI Bank sold notes at 100 bps, while HDFC Bank sold notes at a spread of 90 bps over Treasuries.
SBI had planned to raise $1 billion through a public dollar bond issue in June, but deferred the sale due to higher borrowing costs following heavy issuance by Indian lenders.
The bank subsequently raised $600 million through a private placement of three-year dollar bonds at a spread of 100 basis points over the Secured Overnight Financing Rate (SOFR).
The issue comes at a time when Indian banks are making a beeline for dollar issues after the RBI's swap facility announced in June made overseas borrowing cheaper.
Large private lenders, including HDFC Bank, Axis Bank and ICICI Bank have raised funds through dollar bonds in June and July.
Meanwhile, bankers expect SBI to tap the market again in a few weeks for raising dollars, as the board has approved raising of up to $2 billion through bonds sold in dollar or any other major currency in this financial year.
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 12 (Reuters) - State Bank of India SBI.NS, the country's largest lender, drew strong demand in its return to the public dollar bond market after nearly a year, with pricing tightening sharply from initial guidance, three merchant bankers said on Wednesday.
SBI raised $500 million through a five-year dollar bond issued via its London branch, the lender said in a stock exchange filing late on Tuesday.
These bonds will be priced at a spread of 88 basis points over U.S. Treasuries, sharply below initial guidance of 120 bps. The notes carry a coupon of 5.25%, payable semi-annually.
The final spread was broadly in line with CreditSights' expectation of 90 basis points, although the research firm expects it to tighten further to around 80 basis points in the secondary market.
Spreads on dollar bonds issued by Indian borrowers have widened in recent weeks on expectations of heavy supply following the Reserve Bank of India's swap concession window, while demand has been tempered by attractive rates on foreign-currency deposits.
"As we had anticipated, some of this spread premium has begun to fade as supply is absorbed... We have an outperform recommendation on SBI," CreditSights analysts said in a note.
The lender witnessed tightest pricing, after ICICI Bank sold notes at 100 bps, while HDFC Bank sold notes at a spread of 90 bps over Treasuries.
SBI had planned to raise $1 billion through a public dollar bond issue in June, but deferred the sale due to higher borrowing costs following heavy issuance by Indian lenders.
The bank subsequently raised $600 million through a private placement of three-year dollar bonds at a spread of 100 basis points over the Secured Overnight Financing Rate (SOFR).
The issue comes at a time when Indian banks are making a beeline for dollar issues after the RBI's swap facility announced in June made overseas borrowing cheaper.
Large private lenders, including HDFC Bank, Axis Bank and ICICI Bank have raised funds through dollar bonds in June and July.
Meanwhile, bankers expect SBI to tap the market again in a few weeks for raising dollars, as the board has approved raising of up to $2 billion through bonds sold in dollar or any other major currency in this financial year.
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 11 (Reuters) - State Bank of India SBI.NS, the largest lender in the country, is tapping the dollar debt market through the public issue and plans to raise funds through a sale of five-year bonds, two merchant bankers said on Tuesday.
SBI is likely to raise at least $500 million through the issue, with the final size dependent on investor demand. The initial price guidance has been set at 120 basis points over U.S. Treasuries.
The lender has begun marketing the bonds and is expected to complete the sale before the end of the week, the bankers said, requesting anonymity as they are not authorised to speak to media.
SBI had planned to raise $1 billion through a dollar bond sale in June but deferred the issuance after borrowing costs rose due to heavy supply from Indian lenders.
The lender did not immediately reply to a Reuters email seeking comment outside business hours.
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 11 (Reuters) - State Bank of India SBI.NS, the largest lender in the country, is tapping the dollar debt market through the public issue and plans to raise funds through a sale of five-year bonds, two merchant bankers said on Tuesday.
SBI is likely to raise at least $500 million through the issue, with the final size dependent on investor demand. The initial price guidance has been set at 120 basis points over U.S. Treasuries.
The lender has begun marketing the bonds and is expected to complete the sale before the end of the week, the bankers said, requesting anonymity as they are not authorised to speak to media.
SBI had planned to raise $1 billion through a dollar bond sale in June but deferred the issuance after borrowing costs rose due to heavy supply from Indian lenders.
The lender did not immediately reply to a Reuters email seeking comment outside business hours.
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
(([email protected];))
** Shares of State Bank of India SBI.NS rise 2.29% to 1,109.90 rupees
** Stock on track for a third consecutive session of gains, if trend holds
** The country's largest lender by assets reports 10% year-on-year rise in June-quarter profit to 211.21 billion rupees ($2.22 billion)
** SBI's net interest income, the difference between interest earned on loans and paid on deposits, grew near 15% to 469.92 billion rupees in the June quarter - Reuters calculation
** SBI stock rated "buy" on average by 36 analysts, median PT at 1200 rupees, according to data compiled by LSEG
** YTD, stock up 13.28%
($1 = 95.2700 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of State Bank of India SBI.NS rise 2.29% to 1,109.90 rupees
** Stock on track for a third consecutive session of gains, if trend holds
** The country's largest lender by assets reports 10% year-on-year rise in June-quarter profit to 211.21 billion rupees ($2.22 billion)
** SBI's net interest income, the difference between interest earned on loans and paid on deposits, grew near 15% to 469.92 billion rupees in the June quarter - Reuters calculation
** SBI stock rated "buy" on average by 36 analysts, median PT at 1200 rupees, according to data compiled by LSEG
** YTD, stock up 13.28%
($1 = 95.2700 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 4 (Reuters Breakingviews) - India's banks may need to take some lessons in layoffs from Wall Street. Staffing levels at HDFC Bank HDBK.NS, ICICI, Axis AXBK.NS and Kotak Mahindra KTKM.NS fell by up to 4% during the 12 months to the end of March after years of increases. It's largely the result of businesses maturing, revenue growth slowing and more tasks getting automated. Goldman Sachs GS.N, Morgan Stanley MS.N and others routinely dump more. But India generally frowns on making people redundant. AI is likely to force its financial services firms – and others – to look past the taboo and embrace deeper cuts.
Western lenders and investment banks tend to slash their ranks when a downturn hits. But some, like Goldman, also oust those performing poorly – as much as 5% of employees – each year. By that metric, their Indian peers are only dabbling. Moreover, natural attrition seems to account for most, if not all, of the reductions.
That does the job for now as the businesses weaken somewhat. Total revenue at $41 billion Axis for the financial year to the end of March grew at nearly a quarter of its pace the previous year, while Kotak's fell slightly. Yet the compensation ratio for both, and for $122 billion HDFC, stayed flat, suggesting the softly-softly downsizing is working, Breakingviews calculates, using data disclosed by the lenders. Increased outsourcing of tasks like loan collection and IT management weighs on headcount too.
The rise of automation, though, whether due to AI or less advanced technology, is likely to increase pressure to reduce staff numbers. A substantial share of new business, for example, now comes from attracting new retail customers digitally, reducing the need to keep expanding and staffing branches. And AI capabilities are making humans increasingly redundant at routine functions like fraud monitoring and data analysis.
At Axis Bank, where staff numbers fell 3%, CEO Amitabh Chaudhry has set targets that include using AI to automate and augment half of its customer calls in the current financial year. HDFC, which reported a 2% workforce reduction, is applying AI to retail credit decisions and trade transactions.
As banks commit to adopting AI across a growing chunk of their operations, more job functions will have to go, though they are likely to find more productive jobs for some. The impact will eventually show up at government-owned lenders like State Bank of India SBI.NS and intensify a slow-burn shrinkage underway there for years.
Their executives are likely to rely on natural attrition, retirements and reduced hiring for as long as possible. But the bigger the impact of AI and the more their businesses mature, the greater the chance that they will have to follow Wall Street's lead by breaking with convention to give more people the boot.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank reported an up to 4% year-on-year fall in their employee counts as of March 31.
In its annual report for the 12 months ended March, released on July 11, HDFC said the number of permanent employees on its rolls stood at 211,178, 2% lower than the level as on March 31, 2025. ICICI's filings show a 4% fall in the metric to 124,029, while Axis and Kotak reported declines of 3% and 1% respectively.
(Editing by Antony Currie; Production by Aditya Srivastav and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 4 (Reuters Breakingviews) - India's banks may need to take some lessons in layoffs from Wall Street. Staffing levels at HDFC Bank HDBK.NS, ICICI, Axis AXBK.NS and Kotak Mahindra KTKM.NS fell by up to 4% during the 12 months to the end of March after years of increases. It's largely the result of businesses maturing, revenue growth slowing and more tasks getting automated. Goldman Sachs GS.N, Morgan Stanley MS.N and others routinely dump more. But India generally frowns on making people redundant. AI is likely to force its financial services firms – and others – to look past the taboo and embrace deeper cuts.
Western lenders and investment banks tend to slash their ranks when a downturn hits. But some, like Goldman, also oust those performing poorly – as much as 5% of employees – each year. By that metric, their Indian peers are only dabbling. Moreover, natural attrition seems to account for most, if not all, of the reductions.
That does the job for now as the businesses weaken somewhat. Total revenue at $41 billion Axis for the financial year to the end of March grew at nearly a quarter of its pace the previous year, while Kotak's fell slightly. Yet the compensation ratio for both, and for $122 billion HDFC, stayed flat, suggesting the softly-softly downsizing is working, Breakingviews calculates, using data disclosed by the lenders. Increased outsourcing of tasks like loan collection and IT management weighs on headcount too.
The rise of automation, though, whether due to AI or less advanced technology, is likely to increase pressure to reduce staff numbers. A substantial share of new business, for example, now comes from attracting new retail customers digitally, reducing the need to keep expanding and staffing branches. And AI capabilities are making humans increasingly redundant at routine functions like fraud monitoring and data analysis.
At Axis Bank, where staff numbers fell 3%, CEO Amitabh Chaudhry has set targets that include using AI to automate and augment half of its customer calls in the current financial year. HDFC, which reported a 2% workforce reduction, is applying AI to retail credit decisions and trade transactions.
As banks commit to adopting AI across a growing chunk of their operations, more job functions will have to go, though they are likely to find more productive jobs for some. The impact will eventually show up at government-owned lenders like State Bank of India SBI.NS and intensify a slow-burn shrinkage underway there for years.
Their executives are likely to rely on natural attrition, retirements and reduced hiring for as long as possible. But the bigger the impact of AI and the more their businesses mature, the greater the chance that they will have to follow Wall Street's lead by breaking with convention to give more people the boot.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank reported an up to 4% year-on-year fall in their employee counts as of March 31.
In its annual report for the 12 months ended March, released on July 11, HDFC said the number of permanent employees on its rolls stood at 211,178, 2% lower than the level as on March 31, 2025. ICICI's filings show a 4% fall in the metric to 124,029, while Axis and Kotak reported declines of 3% and 1% respectively.
(Editing by Antony Currie; Production by Aditya Srivastav and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
MUMBAI, Aug 3 (Reuters) - State Bank of India SBI.NS, HSBC HSBA.L and ICICI Bank ICBK.NS have garnered the largest amounts under a central bank scheme to attract dollar deposits from non-resident Indians, government data showed on Monday.
HSBC's India unit raised about $6.14 billion, the most among lenders, while State Bank of India, the country's largest lender, garnered about $4.12 billion between June 5 and July 30, the data showed.
ICICI Bank led private-sector peers with about $3.7 billion in deposits under the scheme. HDFC Bank and Axis Bank, the country's largest and third-largest private lenders respectively, raised about $1.5 billion each.
The central bank's measures, the likes of which were last deployed in 2013 to deal with the Federal Reserve's taper tantrum, were rolled out following a period of sustained depreciation pressure on the rupee.
The currency had declined to a record low in May but has steadied after the measures were announced in June.
The steps are intended to "attract stable foreign currency inflows, strengthen India's balance of payments and help ease recent pressures on the Indian Rupee," Minister of State for Finance Pankaj Chaudhary told the lower house of the Parliament on Monday.
Combined, banks' stock of overseas foreign-currency deposits has grown by nearly $28 billion between June 5 and July 30, reflecting the fresh deposits raised under the scheme.
The Reserve Bank of India said on Saturday the scheme had attracted total inflows of $36.7 billion. The difference likely reflects existing foreign-currency deposits that were rebooked under the scheme.
Outstanding foreign currency non-resident (bank), or FCNR(B), deposits rose to $60.55 billion from $32.56 billion on June 5.
"The pace of capital inflows under FCNR(B), external commercial borrowings and overseas foreign currency borrowings has been much stronger than expected. Total inflows across instruments are likely to be $90 billion, if not higher," IDFC First Bank said in a note.
(Reporting by Dharamraj Dhutia and Jaspreet Kalra in Mumbai; Editing by Nivedita Bhattacharjee)
(([email protected];))
MUMBAI, Aug 3 (Reuters) - State Bank of India SBI.NS, HSBC HSBA.L and ICICI Bank ICBK.NS have garnered the largest amounts under a central bank scheme to attract dollar deposits from non-resident Indians, government data showed on Monday.
HSBC's India unit raised about $6.14 billion, the most among lenders, while State Bank of India, the country's largest lender, garnered about $4.12 billion between June 5 and July 30, the data showed.
ICICI Bank led private-sector peers with about $3.7 billion in deposits under the scheme. HDFC Bank and Axis Bank, the country's largest and third-largest private lenders respectively, raised about $1.5 billion each.
The central bank's measures, the likes of which were last deployed in 2013 to deal with the Federal Reserve's taper tantrum, were rolled out following a period of sustained depreciation pressure on the rupee.
The currency had declined to a record low in May but has steadied after the measures were announced in June.
The steps are intended to "attract stable foreign currency inflows, strengthen India's balance of payments and help ease recent pressures on the Indian Rupee," Minister of State for Finance Pankaj Chaudhary told the lower house of the Parliament on Monday.
Combined, banks' stock of overseas foreign-currency deposits has grown by nearly $28 billion between June 5 and July 30, reflecting the fresh deposits raised under the scheme.
The Reserve Bank of India said on Saturday the scheme had attracted total inflows of $36.7 billion. The difference likely reflects existing foreign-currency deposits that were rebooked under the scheme.
Outstanding foreign currency non-resident (bank), or FCNR(B), deposits rose to $60.55 billion from $32.56 billion on June 5.
"The pace of capital inflows under FCNR(B), external commercial borrowings and overseas foreign currency borrowings has been much stronger than expected. Total inflows across instruments are likely to be $90 billion, if not higher," IDFC First Bank said in a note.
(Reporting by Dharamraj Dhutia and Jaspreet Kalra in Mumbai; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, July 31 (Reuters) - Strong demand for India's largest state-run lender's perpetual bond issue is expected to encourage similar offerings from other banks, four merchant bankers said on Friday.
Several banks also have outstanding perpetual bonds with call options due this financial year, which could prompt them to raise fresh perpetual debt, they said.
Perpetual bonds are debt securities that do not have a maturity date. Most such issues give investors an exit via call options, most commonly after end of five years.
Earlier this week, State Bank of India SBI.NS raised 46.91 billion rupees ($492 million), through sale of Basel III compliant additional Tier I perpetual bonds, with a call option at end of five years.
"A successful SBI issuance could provide an important pricing benchmark and encourage other banks to evaluate AT-1 issuances during the year," said Saurav Ghosh, co-founder of Jiraaf, an online debt trading platform.
Banks are likely to continue strengthening their capital buffers to support credit growth and balance-sheet expansion, he said.
SBI will pay an annual coupon of 7.75% to the investors and drew bids worth over 60 billion rupees with provident funds, pension funds, mutual funds and some lenders subscribing to the securities.
"SBI's cut-off broadly reflects prevailing market expectations and indicates that institutional demand remained resilient across investor segments despite heightened market volatility," said Venkatakrishnan Srinivasan, founder and managing partner of debt advisory firm Rockfort Fincap.
Five large state-run banks including SBI have call option due for perpetual bonds worth 307 billion rupees over the next eight months of this fiscal.
SBI has 140 billion rupees in bonds due for a call option, while Union Bank of India and Canara Bank will offer an exit to investors on debt worth 60 billion rupees and 40 billion rupees respectively.
Punjab National Bank and Bank of Baroda also have perpetual bonds worth an aggregate of around 67 billion rupees, for which the call options are due later this year.
($1 = 95.4350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, July 31 (Reuters) - Strong demand for India's largest state-run lender's perpetual bond issue is expected to encourage similar offerings from other banks, four merchant bankers said on Friday.
Several banks also have outstanding perpetual bonds with call options due this financial year, which could prompt them to raise fresh perpetual debt, they said.
Perpetual bonds are debt securities that do not have a maturity date. Most such issues give investors an exit via call options, most commonly after end of five years.
Earlier this week, State Bank of India SBI.NS raised 46.91 billion rupees ($492 million), through sale of Basel III compliant additional Tier I perpetual bonds, with a call option at end of five years.
"A successful SBI issuance could provide an important pricing benchmark and encourage other banks to evaluate AT-1 issuances during the year," said Saurav Ghosh, co-founder of Jiraaf, an online debt trading platform.
Banks are likely to continue strengthening their capital buffers to support credit growth and balance-sheet expansion, he said.
SBI will pay an annual coupon of 7.75% to the investors and drew bids worth over 60 billion rupees with provident funds, pension funds, mutual funds and some lenders subscribing to the securities.
"SBI's cut-off broadly reflects prevailing market expectations and indicates that institutional demand remained resilient across investor segments despite heightened market volatility," said Venkatakrishnan Srinivasan, founder and managing partner of debt advisory firm Rockfort Fincap.
Five large state-run banks including SBI have call option due for perpetual bonds worth 307 billion rupees over the next eight months of this fiscal.
SBI has 140 billion rupees in bonds due for a call option, while Union Bank of India and Canara Bank will offer an exit to investors on debt worth 60 billion rupees and 40 billion rupees respectively.
Punjab National Bank and Bank of Baroda also have perpetual bonds worth an aggregate of around 67 billion rupees, for which the call options are due later this year.
($1 = 95.4350 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
MUMBAI, July 29 (Reuters) - State Bank of India SBI.NS has accepted bids worth 46.91 billion rupees ($490.04 million) for sale of Basel III-compliant additional Tier I perpetual bonds, three bankers said on Wednesday.
The nation's largest lender will pay an annual coupon of 7.75% on this issue and had invited coupon and commitment bids earlier in the day, they said.
The issue will have a call option at the end of five years.
On Friday, Reuters reported SBI's plans to tap the perpetual debt route, which would be the first such issuance in 2026.
SBI did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | perpetual | 7.75 | 46.91 | July 29 | AA+ (Crisil, Care) |
Hero Fincorp | 2 years | 8.40 | 3+2 | July 30 | AA+ (Icra, Crisil) |
NIIF Infra Finance August 2031 Reissue | 5 years and 1 month | To be decided | 5+0.5 | July 30 | AAA (Icra, Care) |
UltraTech Cement | 2-year and 6-month | 7.22 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 3-year and 6-month | 7.23 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 5 years | 7.25 | 20 | July 31 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.7275 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, July 29 (Reuters) - State Bank of India SBI.NS has accepted bids worth 46.91 billion rupees ($490.04 million) for sale of Basel III-compliant additional Tier I perpetual bonds, three bankers said on Wednesday.
The nation's largest lender will pay an annual coupon of 7.75% on this issue and had invited coupon and commitment bids earlier in the day, they said.
The issue will have a call option at the end of five years.
On Friday, Reuters reported SBI's plans to tap the perpetual debt route, which would be the first such issuance in 2026.
SBI did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | perpetual | 7.75 | 46.91 | July 29 | AA+ (Crisil, Care) |
Hero Fincorp | 2 years | 8.40 | 3+2 | July 30 | AA+ (Icra, Crisil) |
NIIF Infra Finance August 2031 Reissue | 5 years and 1 month | To be decided | 5+0.5 | July 30 | AAA (Icra, Care) |
UltraTech Cement | 2-year and 6-month | 7.22 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 3-year and 6-month | 7.23 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 5 years | 7.25 | 20 | July 31 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.7275 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, July 28 (Reuters) - State Bank of India SBI.NS plans to raise 50 billion rupees ($521.38 million), including 20 billion rupees of greenshoe option through the sale of Basel III-compliant additional Tier I perpetual bonds, three bankers said on Tuesday.
The nation's largest lender has invited coupon and commitment bids for the issue on Wednesday, they said.
The issue will have a call option at the end of five years.
On Friday, Reuters reported SBI's plans to tap the perpetual debt route, which would be the first such issuance in 2026.
SBI did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | perpetual | To be decided | 30+20 | July 29 | AA+ (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.9000 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Priyanka G)
MUMBAI, July 28 (Reuters) - State Bank of India SBI.NS plans to raise 50 billion rupees ($521.38 million), including 20 billion rupees of greenshoe option through the sale of Basel III-compliant additional Tier I perpetual bonds, three bankers said on Tuesday.
The nation's largest lender has invited coupon and commitment bids for the issue on Wednesday, they said.
The issue will have a call option at the end of five years.
On Friday, Reuters reported SBI's plans to tap the perpetual debt route, which would be the first such issuance in 2026.
SBI did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | perpetual | To be decided | 30+20 | July 29 | AA+ (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.9000 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Priyanka G)
July 24 (Reuters) - India's SBI Cards and Payment Services posted a first-quarter profit rise on Friday, helped by a drop in provisions for bad loans as asset quality improved.
Backed by the country's largest lender SBI, the credit-card firm said its profit after tax rose 19.5% to 6.64 billion rupees ($68.76 million) for the quarter ended June 30
Card spending rose as demand for credit remained strong after picking up in the second half of the previous year, driven by higher corporate spending and steady momentum in the retail segment, in line with analysts' expectations.
Total revenue from operations rose 3.4% year-on-year to 50.41 billion rupees, driven by higher card spending
SBI Card's total card spending rose 27% on-year to 1.18 trillion rupees.
Cards-in-force, or the sum of all credit cards issued, rose 7% from last year to 22.6 million
The company has steadily tightened credit underwriting over the last few quarters to tackle asset quality stress and higher delinquencies in credit cards.
Gross non-performing assets were at 2.04% as of June-end, compared to 2.41% three months earlier
Loan loss provisions and expenses dropped 13.6% quarter-on-quarter and 30% year-on-year to 9.48 billion rupees
Credit costs, a measure of provisions for potential loan losses as a percentage of loans, dropped 301 basis points from a year earlier and 116 bps from the previous quarter to 6.5%
($1 = 96.5625 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Harikrishnan Nair)
(([email protected];))
July 24 (Reuters) - India's SBI Cards and Payment Services posted a first-quarter profit rise on Friday, helped by a drop in provisions for bad loans as asset quality improved.
Backed by the country's largest lender SBI, the credit-card firm said its profit after tax rose 19.5% to 6.64 billion rupees ($68.76 million) for the quarter ended June 30
Card spending rose as demand for credit remained strong after picking up in the second half of the previous year, driven by higher corporate spending and steady momentum in the retail segment, in line with analysts' expectations.
Total revenue from operations rose 3.4% year-on-year to 50.41 billion rupees, driven by higher card spending
SBI Card's total card spending rose 27% on-year to 1.18 trillion rupees.
Cards-in-force, or the sum of all credit cards issued, rose 7% from last year to 22.6 million
The company has steadily tightened credit underwriting over the last few quarters to tackle asset quality stress and higher delinquencies in credit cards.
Gross non-performing assets were at 2.04% as of June-end, compared to 2.41% three months earlier
Loan loss provisions and expenses dropped 13.6% quarter-on-quarter and 30% year-on-year to 9.48 billion rupees
Credit costs, a measure of provisions for potential loan losses as a percentage of loans, dropped 301 basis points from a year earlier and 116 bps from the previous quarter to 6.5%
($1 = 96.5625 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Harikrishnan Nair)
(([email protected];))
SBI Funds valued at nearly $13 billion after listing
Company's $1.03 billion IPO drew $31 billion in bids
Listing kicks off a busier second half for large IPOs
Updates with closing levels
By Vivek Kumar M
July 21 (Reuters) - SBI Funds Management SBIA.NS ended 6.2% higher in its stock market debut on Tuesday, valuing the firm at nearly $13 billion, as investors bet on growth in the country's $853 billion asset management industry.
Shares of India's largest asset manager closed at 609.75 rupees, valuing the firm at 1.24 trillion rupees ($12.89 billion) and making it the country's second-most valuable listed fund manager.
Peers ICICI Prudential Asset Management Company IICL.NS and HDFC Asset Management Company HDFA.NS were valued at 1.56 trillion rupees and 1.11 trillion rupees, respectively.
SBI Funds, a joint venture between State Bank of India SBI.NS, the country's largest lender, and Amundi AMUN.PA, Europe's biggest asset manager, oversaw assets worth 12.5 trillion rupees as of March 2026.
SBI Funds' $1.03 billion IPO, India's biggest so far this year, attracted about $31 billion of bids last week, including $278.5 million from anchor investors such as BlackRock and sovereign wealth funds from Singapore, Abu Dhabi and Norway.
Amundi CEO Valerie Baudson said the European firm will remain a long-term shareholder of SBI Funds.
The listing marks the start of a busier second half for large IPOs in India's primary market after the activity slowed due to a surge in crude prices linked to the Iran conflict.
SBI Funds listed short of expectations as analysts had estimated debut gains of 12% to 13%.
India's Nifty 50 .NSEI fell 0.2% on Tuesday, weighed down by firmer crude oil prices as the Gulf conflict escalated.
Analysts led by Emkay Global Financial Services' Avinash Singh said India's growing middle class was embracing mutual funds, positioning SBI AMC to expand its dominance in the sector.
India has seen IPOs worth about $5 billion so far in 2026, below a record $21.8 billion last year, LSEG-compiled data showed.
Some 251 companies, including Reliance Jio and the National Stock Exchange of India, are in the IPO pipeline, seeking to raise 4.93 trillion rupees, according to capital market data provider PRIME Database.
($1 = 96.2350 Indian rupees)
(Reporting by Vivek Kumar M, additional reporting by Mathieu Rosemain in Paris; Editing by Sherry Jacob-Phillips)
(([email protected];))
SBI Funds valued at nearly $13 billion after listing
Company's $1.03 billion IPO drew $31 billion in bids
Listing kicks off a busier second half for large IPOs
Updates with closing levels
By Vivek Kumar M
July 21 (Reuters) - SBI Funds Management SBIA.NS ended 6.2% higher in its stock market debut on Tuesday, valuing the firm at nearly $13 billion, as investors bet on growth in the country's $853 billion asset management industry.
Shares of India's largest asset manager closed at 609.75 rupees, valuing the firm at 1.24 trillion rupees ($12.89 billion) and making it the country's second-most valuable listed fund manager.
Peers ICICI Prudential Asset Management Company IICL.NS and HDFC Asset Management Company HDFA.NS were valued at 1.56 trillion rupees and 1.11 trillion rupees, respectively.
SBI Funds, a joint venture between State Bank of India SBI.NS, the country's largest lender, and Amundi AMUN.PA, Europe's biggest asset manager, oversaw assets worth 12.5 trillion rupees as of March 2026.
SBI Funds' $1.03 billion IPO, India's biggest so far this year, attracted about $31 billion of bids last week, including $278.5 million from anchor investors such as BlackRock and sovereign wealth funds from Singapore, Abu Dhabi and Norway.
Amundi CEO Valerie Baudson said the European firm will remain a long-term shareholder of SBI Funds.
The listing marks the start of a busier second half for large IPOs in India's primary market after the activity slowed due to a surge in crude prices linked to the Iran conflict.
SBI Funds listed short of expectations as analysts had estimated debut gains of 12% to 13%.
India's Nifty 50 .NSEI fell 0.2% on Tuesday, weighed down by firmer crude oil prices as the Gulf conflict escalated.
Analysts led by Emkay Global Financial Services' Avinash Singh said India's growing middle class was embracing mutual funds, positioning SBI AMC to expand its dominance in the sector.
India has seen IPOs worth about $5 billion so far in 2026, below a record $21.8 billion last year, LSEG-compiled data showed.
Some 251 companies, including Reliance Jio and the National Stock Exchange of India, are in the IPO pipeline, seeking to raise 4.93 trillion rupees, according to capital market data provider PRIME Database.
($1 = 96.2350 Indian rupees)
(Reporting by Vivek Kumar M, additional reporting by Mathieu Rosemain in Paris; Editing by Sherry Jacob-Phillips)
(([email protected];))
- Amundi set final terms for SBI Funds Management’s IPO, pricing shares at INR 574, the top of the range.
- Amundi to sell 75,374,842 SBI Funds Management shares, equal to 3.7% of the company, across the IPO and a pre-IPO placement.
- Transaction seen generating about EUR 300 million in net capital gains for Amundi, to be booked in Q3.
- SBI Funds Management shares expected to start trading on Indian stock exchanges on July 21, 2026.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Amundi SA published the original content used to generate this news brief on July 17, 2026, and is solely responsible for the information contained therein.
- Amundi set final terms for SBI Funds Management’s IPO, pricing shares at INR 574, the top of the range.
- Amundi to sell 75,374,842 SBI Funds Management shares, equal to 3.7% of the company, across the IPO and a pre-IPO placement.
- Transaction seen generating about EUR 300 million in net capital gains for Amundi, to be booked in Q3.
- SBI Funds Management shares expected to start trading on Indian stock exchanges on July 21, 2026.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Amundi SA published the original content used to generate this news brief on July 17, 2026, and is solely responsible for the information contained therein.
Corrects bids received from institutional buyers to $25 billion from $2.5 billion in paragraph 5
By Vivek Kumar M
July 16 (Reuters) - India's SBI Funds Management drew bids worth 3 trillion Indian rupees ($31.14 billion), making the asset manager's $1.03 billion initial public offering (IPO) the country's fourth-most-subscribed issue.
The subscription numbers include $278.5 million raised from anchor investors, including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway.
The IPO, which closed on Thursday, marked a strong comeback for India's primary market after a subdued first half of the year. India is expected to see a busy pipeline of public offerings in the second half of the year, with mega listings from Reliance Jio and National Stock Exchange expected before the end of 2026.
SBI Funds Management, a joint venture between the country's largest lender State Bank of India (SBI) SBI.NS and Europe's biggest asset manager Amundi AMUN.PA, is India's largest asset manager, overseeing funds worth 12.5 trillion rupees ($131 billion) as of March 2026.
The demand for SBI Funds Management's shares was led by institutional investors, who bid for $25 billion worth of shares, 140 times the number of shares on offer for them, exchange data showed.
The portion set aside for retail investors and SBI's shareholders was subscribed 3.6 times and 9.5 times, respectively.
The stock is expected to begin trading on July 21.
SBI Funds' IPO stands behind public offerings of Reliance Power RPOL.NS, LG Electronics India LGEL.NS, and Bajaj Housing Finance BAJO.NS, in terms of quantum of bids received, data from PRIME Database showed.
The asset manager is well placed to capitalise on its market leadership, strong distribution network and robust profitability, analysts at Aditya Birla Money said in a note dated July 14.
So far this year, India has seen IPOs worth nearly $4 billion, sharply below last year's $21.8 billion. However, the activity is expected to pick up in the second half of 2026, with 251 companies planning to raise 4.93 trillion rupees ($51.7 billion) in the pipeline, as per PRIME Database.
"Heavy bidding (for SBI Funds IPO) signals that investors are willing to commit fresh capital to quality franchises, which can help revive sentiment for the upcoming (IPO) pipeline," said Dhiraj Relli, managing director and chief executive officer at HDFC Securities.
($1 = 96.3450 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Alexandra Hudson)
(([email protected];))
Corrects bids received from institutional buyers to $25 billion from $2.5 billion in paragraph 5
By Vivek Kumar M
July 16 (Reuters) - India's SBI Funds Management drew bids worth 3 trillion Indian rupees ($31.14 billion), making the asset manager's $1.03 billion initial public offering (IPO) the country's fourth-most-subscribed issue.
The subscription numbers include $278.5 million raised from anchor investors, including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway.
The IPO, which closed on Thursday, marked a strong comeback for India's primary market after a subdued first half of the year. India is expected to see a busy pipeline of public offerings in the second half of the year, with mega listings from Reliance Jio and National Stock Exchange expected before the end of 2026.
SBI Funds Management, a joint venture between the country's largest lender State Bank of India (SBI) SBI.NS and Europe's biggest asset manager Amundi AMUN.PA, is India's largest asset manager, overseeing funds worth 12.5 trillion rupees ($131 billion) as of March 2026.
The demand for SBI Funds Management's shares was led by institutional investors, who bid for $25 billion worth of shares, 140 times the number of shares on offer for them, exchange data showed.
The portion set aside for retail investors and SBI's shareholders was subscribed 3.6 times and 9.5 times, respectively.
The stock is expected to begin trading on July 21.
SBI Funds' IPO stands behind public offerings of Reliance Power RPOL.NS, LG Electronics India LGEL.NS, and Bajaj Housing Finance BAJO.NS, in terms of quantum of bids received, data from PRIME Database showed.
The asset manager is well placed to capitalise on its market leadership, strong distribution network and robust profitability, analysts at Aditya Birla Money said in a note dated July 14.
So far this year, India has seen IPOs worth nearly $4 billion, sharply below last year's $21.8 billion. However, the activity is expected to pick up in the second half of 2026, with 251 companies planning to raise 4.93 trillion rupees ($51.7 billion) in the pipeline, as per PRIME Database.
"Heavy bidding (for SBI Funds IPO) signals that investors are willing to commit fresh capital to quality franchises, which can help revive sentiment for the upcoming (IPO) pipeline," said Dhiraj Relli, managing director and chief executive officer at HDFC Securities.
($1 = 96.3450 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Alexandra Hudson)
(([email protected];))
July 15 (Reuters) - SBI Funds Management's SBIA.NS $1.03 billion initial public offering (IPO) was fully subscribed on the second day of bidding on Wednesday, led by retail and non-institutional investors.
(Reporting by Vivek Kumar M; Editing by Rashmi Aich)
(([email protected];))
July 15 (Reuters) - SBI Funds Management's SBIA.NS $1.03 billion initial public offering (IPO) was fully subscribed on the second day of bidding on Wednesday, led by retail and non-institutional investors.
(Reporting by Vivek Kumar M; Editing by Rashmi Aich)
(([email protected];))
July 13 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - CONCLUDED ISSUANCE OF USD 200 MIO SENIOR UNSECURED REG-S, FLOATING RATE NOTES
Source text: ID:nBSE1ZHmvt
Further company coverage: SBI.NS
(([email protected];))
July 13 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - CONCLUDED ISSUANCE OF USD 200 MIO SENIOR UNSECURED REG-S, FLOATING RATE NOTES
Source text: ID:nBSE1ZHmvt
Further company coverage: SBI.NS
(([email protected];))
Adds stake sale details and background from paragraph 2
July 9 (Reuters) - State Bank of India SBI.NS will sell a 1.42% stake in asset management unit SBI Funds Management SBIA.NS to 30 investors for 16.55 billion rupees ($173.5 million) in a pre-IPO placement, the lender said on Thursday.
The stake sale at 574 rupees per share - the top end of the asset manager's IPO price band - provides an early benchmark for the unit's valuation and indicates institutional demand before the public offering.
SBI is selling 28.8 million shares of SBI Funds to investors including Tata AIG General Insurance, Go Digit General Insurance, 360 ONE funds, Bennett Coleman, and several alternative investment funds and family offices.
SBI Funds' $1.22 billion IPO is set to open for bids on July 14, with India's largest asset manager seeking a valuation of up to 1.17 trillion rupees.
The company, a joint venture between India's largest lender SBI and Europe's largest asset manager, Amundi AMUN.PA, has set a price band of 545-574 rupees per share for the three-day share sale.
The stock is expected to list on Indian stock exchanges on July 21.
SBI Funds is not selling new shares in the IPO and will not receive any proceeds. SBI is selling up to 128.3 million shares, while Amundi India Holding will divest up to 75.4 million shares, together offloading about 10% of SBI Funds Management's paid-up equity capital.
($1 = 95.3800 Indian rupees)
(Reporting by Chris Thomas and Mrinmay Dey in Mexico City; Editing by Jonathan Ananda and Maju Samuel)
(([email protected];))
Adds stake sale details and background from paragraph 2
July 9 (Reuters) - State Bank of India SBI.NS will sell a 1.42% stake in asset management unit SBI Funds Management SBIA.NS to 30 investors for 16.55 billion rupees ($173.5 million) in a pre-IPO placement, the lender said on Thursday.
The stake sale at 574 rupees per share - the top end of the asset manager's IPO price band - provides an early benchmark for the unit's valuation and indicates institutional demand before the public offering.
SBI is selling 28.8 million shares of SBI Funds to investors including Tata AIG General Insurance, Go Digit General Insurance, 360 ONE funds, Bennett Coleman, and several alternative investment funds and family offices.
SBI Funds' $1.22 billion IPO is set to open for bids on July 14, with India's largest asset manager seeking a valuation of up to 1.17 trillion rupees.
The company, a joint venture between India's largest lender SBI and Europe's largest asset manager, Amundi AMUN.PA, has set a price band of 545-574 rupees per share for the three-day share sale.
The stock is expected to list on Indian stock exchanges on July 21.
SBI Funds is not selling new shares in the IPO and will not receive any proceeds. SBI is selling up to 128.3 million shares, while Amundi India Holding will divest up to 75.4 million shares, together offloading about 10% of SBI Funds Management's paid-up equity capital.
($1 = 95.3800 Indian rupees)
(Reporting by Chris Thomas and Mrinmay Dey in Mexico City; Editing by Jonathan Ananda and Maju Samuel)
(([email protected];))
- Amundi-backed SBI Funds Management filed its red herring prospectus for an IPO on India’s BSE, NSE.
- Offer targets up to 203,709,239 existing shares, or 10% of equity; no new shares issued.
- Planned sale includes 128,334,397 shares from SBI, 75,374,842 shares from Amundi.
- Price band set at INR 545 to INR 574 per share.
- Subscription scheduled for July 14-16; listing expected July 21.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Amundi SA published the original content used to generate this news brief on July 08, 2026, and is solely responsible for the information contained therein.
- Amundi-backed SBI Funds Management filed its red herring prospectus for an IPO on India’s BSE, NSE.
- Offer targets up to 203,709,239 existing shares, or 10% of equity; no new shares issued.
- Planned sale includes 128,334,397 shares from SBI, 75,374,842 shares from Amundi.
- Price band set at INR 545 to INR 574 per share.
- Subscription scheduled for July 14-16; listing expected July 21.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Amundi SA published the original content used to generate this news brief on July 08, 2026, and is solely responsible for the information contained therein.
SBI Funds Management IPO draws interest from Abu Dhabi's ADIA, Singapore's GIC: sources
The $1.2 billion issue kicks off IPO pipeline for second half 2026
Nearly $52 billion in IPO fundraising in pipeline, data shows
By Jayshree P Upadhyay and Vivek Kumar M
MUMBAI, July 7 (Reuters) - SBI Funds Management, India's largest asset manager, will draw investments from Abu Dhabi Investment Authority (ADIA) and Singapore's GIC as part of its $1.2 billion initial public offering, two sources with direct knowledge of the matter said.
SBI Funds Management, a joint venture between the country's largest lender State Bank of India SBI.NS and Europe's largest asset manager Amundi AMUN.PA, manages assets worth 12.5 trillion Indian rupees ($131.1 billion) as of end-March 2026.
It is expected to be valued at around $12.3 billion, the sources said, with SBI and Amundi selling a collective 10% of their shares in the joint venture, as part of the issue.
The IPO, likely to open next week, will kick off a busy pipeline of public offerings for India in the second half of the year, with Reliance Jio and National Stock Exchange mega listings expected before the end of 2026.
SBI Funds Management, GIC, Amundi and ADIA declined to comment. SBI did not respond to an emailed request for comment.
According to capital market data provider PRIME Database, 251 companies are planning to raise 4.93 trillion rupees ($51.7 billion) and waiting to come to market.
SBI Funds Management's IPO is drawing strong demand from large domestic institutional investors along with top foreign investors from Singapore and the Middle East, the sources said.
"The offering has commitments worth nearly five times of the amount reserved for institutional investors," one of the two sources said.
Despite the strong institutional demand, the fund house plans to keep 50% of the offer reserved for individual investors, the source said.
IPO PIPELINE REBUILDS
SBI Funds Management's public offer will be India's largest IPO since early 2026 after the Iran war led to a rise in oil prices, hurting investment sentiment toward the South Asian economy, heavily dependent on imported fuel.
Other IPOs lined up this month include a $1.2 billion issue from Manipal Health Enterprises and a $471 million issue from Indo-MIM, two merchant banking sources, separate from those cited earlier, said.
IPOs of the National Stock Exchange of India(NSE) and Reliance Jio with an estimated size of $3.3 billion and $3.8 billion, respectively, are expected to open later in the year.
"While the big-name IPOs that are potentially lined up for this month have good traction, the kind of response they receive and listing will decide the fate of the other bigger issues in the pipeline," said Suraj Krishnaswamy, managing director and head of investment banking coverage at Axis Capital.
In 2025, Indian firms raised $21.8 billion from IPOs. So far in 2026, they have raised $3.8 billion.
A successful return of large IPOs will also depend on a revival of foreign investor interest in Indian equities. These investors have sold shares worth $29 billion in the secondary markets so far this year, although selling pressure has eased and investors are giving India a second look, Reuters reported last month.
"We remain optimistic about the $20 billion IPO fundraise this year despite a subdued first half. Although, a lot of heavy lifting ($8 billion to $9 billion) will be done by three to four large IPOs that are in the pipeline," said Bhavesh Shah, managing director and head of investment banking at Equirus.
($1 = 95.3300 Indian rupees)
(Reporting by Jayshree P Upadhyay and Vivek Kumar M; Editing by Ira Dugal and Jacqueline Wong)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
SBI Funds Management IPO draws interest from Abu Dhabi's ADIA, Singapore's GIC: sources
The $1.2 billion issue kicks off IPO pipeline for second half 2026
Nearly $52 billion in IPO fundraising in pipeline, data shows
By Jayshree P Upadhyay and Vivek Kumar M
MUMBAI, July 7 (Reuters) - SBI Funds Management, India's largest asset manager, will draw investments from Abu Dhabi Investment Authority (ADIA) and Singapore's GIC as part of its $1.2 billion initial public offering, two sources with direct knowledge of the matter said.
SBI Funds Management, a joint venture between the country's largest lender State Bank of India SBI.NS and Europe's largest asset manager Amundi AMUN.PA, manages assets worth 12.5 trillion Indian rupees ($131.1 billion) as of end-March 2026.
It is expected to be valued at around $12.3 billion, the sources said, with SBI and Amundi selling a collective 10% of their shares in the joint venture, as part of the issue.
The IPO, likely to open next week, will kick off a busy pipeline of public offerings for India in the second half of the year, with Reliance Jio and National Stock Exchange mega listings expected before the end of 2026.
SBI Funds Management, GIC, Amundi and ADIA declined to comment. SBI did not respond to an emailed request for comment.
According to capital market data provider PRIME Database, 251 companies are planning to raise 4.93 trillion rupees ($51.7 billion) and waiting to come to market.
SBI Funds Management's IPO is drawing strong demand from large domestic institutional investors along with top foreign investors from Singapore and the Middle East, the sources said.
"The offering has commitments worth nearly five times of the amount reserved for institutional investors," one of the two sources said.
Despite the strong institutional demand, the fund house plans to keep 50% of the offer reserved for individual investors, the source said.
IPO PIPELINE REBUILDS
SBI Funds Management's public offer will be India's largest IPO since early 2026 after the Iran war led to a rise in oil prices, hurting investment sentiment toward the South Asian economy, heavily dependent on imported fuel.
Other IPOs lined up this month include a $1.2 billion issue from Manipal Health Enterprises and a $471 million issue from Indo-MIM, two merchant banking sources, separate from those cited earlier, said.
IPOs of the National Stock Exchange of India(NSE) and Reliance Jio with an estimated size of $3.3 billion and $3.8 billion, respectively, are expected to open later in the year.
"While the big-name IPOs that are potentially lined up for this month have good traction, the kind of response they receive and listing will decide the fate of the other bigger issues in the pipeline," said Suraj Krishnaswamy, managing director and head of investment banking coverage at Axis Capital.
In 2025, Indian firms raised $21.8 billion from IPOs. So far in 2026, they have raised $3.8 billion.
A successful return of large IPOs will also depend on a revival of foreign investor interest in Indian equities. These investors have sold shares worth $29 billion in the secondary markets so far this year, although selling pressure has eased and investors are giving India a second look, Reuters reported last month.
"We remain optimistic about the $20 billion IPO fundraise this year despite a subdued first half. Although, a lot of heavy lifting ($8 billion to $9 billion) will be done by three to four large IPOs that are in the pipeline," said Bhavesh Shah, managing director and head of investment banking at Equirus.
($1 = 95.3300 Indian rupees)
(Reporting by Jayshree P Upadhyay and Vivek Kumar M; Editing by Ira Dugal and Jacqueline Wong)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
By Nishit Navin
BENGALURU, June 30 (Reuters) - Indian fintech firm Cashfree Payments plans to deepen its cross-border business with offerings such as overseas investment and travel payments as it seeks to tap rising demand for international transactions, CEO Akash Sinha said on Monday.
Cashfree, backed by State Bank of India SBI.NS, the country's largest lender, currently facilitates cross-border e-commerce payments.
It plans to begin pilots this year for overseas investment, travel and business-to-business payment services, expanding beyond online shopping, Sinha told Reuters in an interview.
"Cross-border is an exciting space...the market is not a challenge. It's a growing market," Sinha said, attributing the opportunity to India's increasing integration with the global economy through trade agreements.
"It's more about how do we crack it. Can we build the right product? Can we make a compliant product? Those are the challenges."
Indian payment firms have stepped up their focus on cross-border services as outbound travel, overseas education, investments and global trade gather pace.
Unlike domestic payment processing, where intense competition has squeezed pricing, cross-border transactions typically offer better margins because they involve foreign exchange and additional regulatory compliance.
Sinha said Cashfree aims to build payment infrastructure that makes cross-border transactions smoother, cheaper and operationally hassle-free for consumers and businesses.
Cashfree, which has a cross-border payments aggregator licence from India's financial regulator, expects the business to contribute 25% of revenue within three to four years, up from 10% currently.
It reported revenue of nearly 10 billion rupees ($105.7 million) in financial year 2026.
The firm, founded in 2015, processes transactions worth $80 billion annually for more than 1 million businesses, according to its website.
($1 = 94.6050 Indian rupees)
(Reporting by Nishit Navin; Editing by Shreya Biswas)
(([email protected];))
By Nishit Navin
BENGALURU, June 30 (Reuters) - Indian fintech firm Cashfree Payments plans to deepen its cross-border business with offerings such as overseas investment and travel payments as it seeks to tap rising demand for international transactions, CEO Akash Sinha said on Monday.
Cashfree, backed by State Bank of India SBI.NS, the country's largest lender, currently facilitates cross-border e-commerce payments.
It plans to begin pilots this year for overseas investment, travel and business-to-business payment services, expanding beyond online shopping, Sinha told Reuters in an interview.
"Cross-border is an exciting space...the market is not a challenge. It's a growing market," Sinha said, attributing the opportunity to India's increasing integration with the global economy through trade agreements.
"It's more about how do we crack it. Can we build the right product? Can we make a compliant product? Those are the challenges."
Indian payment firms have stepped up their focus on cross-border services as outbound travel, overseas education, investments and global trade gather pace.
Unlike domestic payment processing, where intense competition has squeezed pricing, cross-border transactions typically offer better margins because they involve foreign exchange and additional regulatory compliance.
Sinha said Cashfree aims to build payment infrastructure that makes cross-border transactions smoother, cheaper and operationally hassle-free for consumers and businesses.
Cashfree, which has a cross-border payments aggregator licence from India's financial regulator, expects the business to contribute 25% of revenue within three to four years, up from 10% currently.
It reported revenue of nearly 10 billion rupees ($105.7 million) in financial year 2026.
The firm, founded in 2015, processes transactions worth $80 billion annually for more than 1 million businesses, according to its website.
($1 = 94.6050 Indian rupees)
(Reporting by Nishit Navin; Editing by Shreya Biswas)
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, June 29 (Reuters Breakingviews) - The world's top venue for trading in equity options by volume is treading carefully with its own listing plans. India's National Stock Exchange may seek a $52 billion market capitalisation in its Mumbai initial public offering. After a decade of delays to its debut, accepting a valuation discount to rival BSE BSEL.NS, formerly Bombay Stock Exchange, is a prudent hedge against regulators tightening rules to curb retail losses and their push to loosen the bourse's dominance.
Founded in 1992, NSE executes equity options contracts worth 142 trillion rupees ($1.5 trillion) in turnover annually, thanks to the rapid uptake of trading by retail investors following the Covid pandemic. NSE controls three-fourths of that lucrative trade. A listing will also yield a windfall for its long-time backers like Temasek and State Bank of India SBI.NS.
They and CEO Ashishkumar Chauhan, who took the role in 2022 after 10 years leading BSE, all appear determined to ensure a deal is done. Assume NSE's earnings of 103 billion rupees increase 34% for the year to the end of March - the same pace of earnings growth Visible Alpha estimates for BSE - and the $52 billion market capitalisation works out to 36 times earnings, compared to BSE's 49 times multiple.
Both exchanges are exposed to a potential plunge in trading volumes, with each generating roughly 60% of its top line from derivatives. The official crackdown, which last year temporarily banned high frequency trader Jane Street, also saw authorities increase minimum contract sizes, implement a ban on lending to high-frequency traders and impose higher taxes on derivatives transactions. If retail investors' chunky losses continue, more restrictions could follow.
NSE's sheer outsize influence is seen as a problem too. Its market share in options trading has tumbled to 75% from 97% two years ago, when the regulator began tightening control over the number and frequency of contracts the exchanges can offer. As a result, NSE's bottom line fell 16% in the most recent financial year even as BSE's grew 88%. Another reason for Chauhan to accept a discount is simply that BSE's scarcity premium will disappear. All that makes selling cheap an imperative more than an option.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
India's National Stock Exchange will sell up to 149 million shares, 6% of its total outstanding, in a Mumbai initial public offering, the bourse said in a draft prospectus filed on June 17.
State Bank of India, a Morgan Stanley affiliate, Canada Pension Plan Investment Board and Temasek are among existing shareholders who will offer shares in the issue.
A record 20 bookrunning lead managers are advising the issue, led by Kotak Mahindra and JM Financial.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, June 29 (Reuters Breakingviews) - The world's top venue for trading in equity options by volume is treading carefully with its own listing plans. India's National Stock Exchange may seek a $52 billion market capitalisation in its Mumbai initial public offering. After a decade of delays to its debut, accepting a valuation discount to rival BSE BSEL.NS, formerly Bombay Stock Exchange, is a prudent hedge against regulators tightening rules to curb retail losses and their push to loosen the bourse's dominance.
Founded in 1992, NSE executes equity options contracts worth 142 trillion rupees ($1.5 trillion) in turnover annually, thanks to the rapid uptake of trading by retail investors following the Covid pandemic. NSE controls three-fourths of that lucrative trade. A listing will also yield a windfall for its long-time backers like Temasek and State Bank of India SBI.NS.
They and CEO Ashishkumar Chauhan, who took the role in 2022 after 10 years leading BSE, all appear determined to ensure a deal is done. Assume NSE's earnings of 103 billion rupees increase 34% for the year to the end of March - the same pace of earnings growth Visible Alpha estimates for BSE - and the $52 billion market capitalisation works out to 36 times earnings, compared to BSE's 49 times multiple.
Both exchanges are exposed to a potential plunge in trading volumes, with each generating roughly 60% of its top line from derivatives. The official crackdown, which last year temporarily banned high frequency trader Jane Street, also saw authorities increase minimum contract sizes, implement a ban on lending to high-frequency traders and impose higher taxes on derivatives transactions. If retail investors' chunky losses continue, more restrictions could follow.
NSE's sheer outsize influence is seen as a problem too. Its market share in options trading has tumbled to 75% from 97% two years ago, when the regulator began tightening control over the number and frequency of contracts the exchanges can offer. As a result, NSE's bottom line fell 16% in the most recent financial year even as BSE's grew 88%. Another reason for Chauhan to accept a discount is simply that BSE's scarcity premium will disappear. All that makes selling cheap an imperative more than an option.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
India's National Stock Exchange will sell up to 149 million shares, 6% of its total outstanding, in a Mumbai initial public offering, the bourse said in a draft prospectus filed on June 17.
State Bank of India, a Morgan Stanley affiliate, Canada Pension Plan Investment Board and Temasek are among existing shareholders who will offer shares in the issue.
A record 20 bookrunning lead managers are advising the issue, led by Kotak Mahindra and JM Financial.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, June 25 (Reuters) - Three Indian development finance institutions are planning to raise at least $1.5 billion through foreign-currency bank loans under the central bank's discounted overseas borrowing facility, three people familiar with the plans said.
The institutions are favouring loans over bonds because none has issued dollar debt before and the process is simpler, the sources added.
The National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI) and the National Bank for Financing Infrastructure and Development (NaBFID) are each seeking to raise at least $500 million through foreign-currency loans, with NaBFID the furthest along after initiating talks with lenders, an executive confirmed.
"We expect to raise up to $2 billion via ECBs in this financial year. At present, we are planning to raise $500 million through the ECB route, and we have already started our activity and are exploring in the market," NaBFID managing director Rajkiran Rai told Reuters.
"With the RBI window opening, ECBs work out much cheaper. For the loan, the landed cost could be in the range of 6.5%-7.0%, NaBFID's Rai added.
The institution had also raised $125 million via a smaller dollar loan tranche in March, the sources added.
The sources declined to be identified as they are not authorised to speak to the media. NABARD and SIDBI did not respond to Reuters' requests for comment.
NABARD and SIDBI, which have not yet tapped foreign funding, have initiated preliminary talks and could approach the market over the next 30 to 40 days, according to all the sources.
"There is a lengthy procedure involved in a debut dollar bond sale, and it is time-consuming. If an institution is not going to be a regular issuer like EXIM Bank, it makes little sense to choose bonds over loans," one of the sources said.
Based on the credit ratings, dollar loans may be just marginally expensive than bonds for now.
The Reserve Bank of India earlier this month allowed banks and state-run companies raising funds overseas to access a subsidised hedging facility, lowering the cost of managing currency risk as part of a broader effort to attract dollar inflows and support the rupee.
Since then, HDFC Bank HDBK.NS, Axis Bank AXBK.NS and Power Finance Corp PWFC.NS have raised a combined $1.85 billion through dollar bonds, while Bank of Baroda BOB.NS and State Bank of India SBI.NS are preparing for similar issues.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, June 25 (Reuters) - Three Indian development finance institutions are planning to raise at least $1.5 billion through foreign-currency bank loans under the central bank's discounted overseas borrowing facility, three people familiar with the plans said.
The institutions are favouring loans over bonds because none has issued dollar debt before and the process is simpler, the sources added.
The National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI) and the National Bank for Financing Infrastructure and Development (NaBFID) are each seeking to raise at least $500 million through foreign-currency loans, with NaBFID the furthest along after initiating talks with lenders, an executive confirmed.
"We expect to raise up to $2 billion via ECBs in this financial year. At present, we are planning to raise $500 million through the ECB route, and we have already started our activity and are exploring in the market," NaBFID managing director Rajkiran Rai told Reuters.
"With the RBI window opening, ECBs work out much cheaper. For the loan, the landed cost could be in the range of 6.5%-7.0%, NaBFID's Rai added.
The institution had also raised $125 million via a smaller dollar loan tranche in March, the sources added.
The sources declined to be identified as they are not authorised to speak to the media. NABARD and SIDBI did not respond to Reuters' requests for comment.
NABARD and SIDBI, which have not yet tapped foreign funding, have initiated preliminary talks and could approach the market over the next 30 to 40 days, according to all the sources.
"There is a lengthy procedure involved in a debut dollar bond sale, and it is time-consuming. If an institution is not going to be a regular issuer like EXIM Bank, it makes little sense to choose bonds over loans," one of the sources said.
Based on the credit ratings, dollar loans may be just marginally expensive than bonds for now.
The Reserve Bank of India earlier this month allowed banks and state-run companies raising funds overseas to access a subsidised hedging facility, lowering the cost of managing currency risk as part of a broader effort to attract dollar inflows and support the rupee.
Since then, HDFC Bank HDBK.NS, Axis Bank AXBK.NS and Power Finance Corp PWFC.NS have raised a combined $1.85 billion through dollar bonds, while Bank of Baroda BOB.NS and State Bank of India SBI.NS are preparing for similar issues.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
(([email protected];))
State Bank of India's central board on Thursday approved raising up to ₹60,000 crore through debt instruments in the current financial year. The instruments include long-term bonds, Basel III-compliant Additional Tier 1 bonds, and Tier 2 bonds. The funds may be raised via public offer or private placement in Indian rupees or other convertible currencies from domestic and overseas investors. The plan is subject to government approval where required. The board meeting, which began at 10 am, concluded the agenda by 1:15 pm. The approval follows a prior intimation of the board meeting on June 15.
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State Bank of India's central board on Thursday approved raising up to ₹60,000 crore through debt instruments in the current financial year. The instruments include long-term bonds, Basel III-compliant Additional Tier 1 bonds, and Tier 2 bonds. The funds may be raised via public offer or private placement in Indian rupees or other convertible currencies from domestic and overseas investors. The plan is subject to government approval where required. The board meeting, which began at 10 am, concluded the agenda by 1:15 pm. The approval follows a prior intimation of the board meeting on June 15.
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June 18 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - BOARD APPROVES FUND RAISING UP TO 600 BILLION RUPEES VIA DEBT INSTRUMENTS DURING FY27
Source text: ID:nNSE5XBxd4
Further company coverage: SBI.NS
(([email protected];))
June 18 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - BOARD APPROVES FUND RAISING UP TO 600 BILLION RUPEES VIA DEBT INSTRUMENTS DURING FY27
Source text: ID:nNSE5XBxd4
Further company coverage: SBI.NS
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 17 (Reuters) - India's largest private lender, HDFC Bank HDBK.NS, has accepted bids worth $750 million for its planned dollar bonds, capitalising on the central bank's subsidised hedging window for overseas borrowings, three merchant bankers said on Wednesday.
The deal is the largest by an Indian lender since the State Bank of India's SBI.NS $750 million five-year bond sale in May 2023 and comes as SBI and Bank of Baroda BOB.NS line up similar overseas debt sales.
HDFC Bank priced its 5-year bond issue at 90 basis points over U.S. Treasuries, translating to a yield of 5.0670%.
After launching with guidance at 120 basis points over Treasuries, robust investor demand compressed the spread, bankers said.
The sources could not be named as they are not authorised to speak to the media. HDFC Bank did not reply to a Reuters email seeking comment.
Earlier this month, the RBI said external commercial borrowings by banks and state-run companies would qualify for a subsidised hedging facility, helping cut the cost of managing currency risk.
The step forms part of a wider RBI push to draw in dollar inflows and bolster the rupee.
"Considering the hedging discount, the all-in landed cost of funds for the bank should be around 7%," one of the bankers said.
Merchant bankers expect inflows of around $15 billion to $20 billion through the ECB route over the next six months.
Proceeds of the bond issue will be used to support overseas branches and subsidiaries, fund growth in offshore businesses and for general corporate purposes, bankers said, citing a term sheet.
The lender also has a call option due in August for a perpetual bond it had sold five years ago.
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 17 (Reuters) - India's largest private lender, HDFC Bank HDBK.NS, has accepted bids worth $750 million for its planned dollar bonds, capitalising on the central bank's subsidised hedging window for overseas borrowings, three merchant bankers said on Wednesday.
The deal is the largest by an Indian lender since the State Bank of India's SBI.NS $750 million five-year bond sale in May 2023 and comes as SBI and Bank of Baroda BOB.NS line up similar overseas debt sales.
HDFC Bank priced its 5-year bond issue at 90 basis points over U.S. Treasuries, translating to a yield of 5.0670%.
After launching with guidance at 120 basis points over Treasuries, robust investor demand compressed the spread, bankers said.
The sources could not be named as they are not authorised to speak to the media. HDFC Bank did not reply to a Reuters email seeking comment.
Earlier this month, the RBI said external commercial borrowings by banks and state-run companies would qualify for a subsidised hedging facility, helping cut the cost of managing currency risk.
The step forms part of a wider RBI push to draw in dollar inflows and bolster the rupee.
"Considering the hedging discount, the all-in landed cost of funds for the bank should be around 7%," one of the bankers said.
Merchant bankers expect inflows of around $15 billion to $20 billion through the ECB route over the next six months.
Proceeds of the bond issue will be used to support overseas branches and subsidiaries, fund growth in offshore businesses and for general corporate purposes, bankers said, citing a term sheet.
The lender also has a call option due in August for a perpetual bond it had sold five years ago.
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 16 (Reuters) - India's largest private lender, HDFC Bank HDBK.NS, is looking to raise at least $500 million via dollar bonds this week, tapping the central bank's subsidised hedging window for overseas borrowings, three sources directly aware of the matter said on Tuesday.
The private bank's issue comes after Reuters reported that state-run lenders State Bank of India SBI.NS and Bank of Baroda BOB.NS were also in talks to raise dollars this way.
HDFC Bank's plans include a five-year bond issue, with an initial price guidance of 5-year U.S. Treasury yield plus 120 basis points, the sources said.
"The final cutoff should come below 100 bps over U.S. Treasury yields, as strong demand is expected in the book-building process," said one of the sources, adding the bank could decide to raise more than $500 million depending on demand.
The sources requested anonymity, as they are not authorised to speak to the media, while HDFC Bank did not reply to a Reuters query seeking comment.
Earlier this month, the Reserve Bank of India said that external commercial borrowings with an average maturity of at least three years by state-run companies and banks would qualify for a swap facility at a fixed rate of 1.5% per annum, compounded semi-annually.
The facility lowers hedging costs and helps cushion a fall in the rupee.
Merchant bankers expect inflows of around $15 billion to $20 billion through this route over the next six months.
The proceeds from HDFC Bank's bond issue will be used to meet the funding requirements of the bank's foreign branches and foreign subsidiaries, develop and expand business in the foreign offices and meet the bank's general corporate purposes, the sources said, citing a term sheet.
(Reporting by Dharamraj Dhutia; Editing by Harikrishnan Nair)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 16 (Reuters) - India's largest private lender, HDFC Bank HDBK.NS, is looking to raise at least $500 million via dollar bonds this week, tapping the central bank's subsidised hedging window for overseas borrowings, three sources directly aware of the matter said on Tuesday.
The private bank's issue comes after Reuters reported that state-run lenders State Bank of India SBI.NS and Bank of Baroda BOB.NS were also in talks to raise dollars this way.
HDFC Bank's plans include a five-year bond issue, with an initial price guidance of 5-year U.S. Treasury yield plus 120 basis points, the sources said.
"The final cutoff should come below 100 bps over U.S. Treasury yields, as strong demand is expected in the book-building process," said one of the sources, adding the bank could decide to raise more than $500 million depending on demand.
The sources requested anonymity, as they are not authorised to speak to the media, while HDFC Bank did not reply to a Reuters query seeking comment.
Earlier this month, the Reserve Bank of India said that external commercial borrowings with an average maturity of at least three years by state-run companies and banks would qualify for a swap facility at a fixed rate of 1.5% per annum, compounded semi-annually.
The facility lowers hedging costs and helps cushion a fall in the rupee.
Merchant bankers expect inflows of around $15 billion to $20 billion through this route over the next six months.
The proceeds from HDFC Bank's bond issue will be used to meet the funding requirements of the bank's foreign branches and foreign subsidiaries, develop and expand business in the foreign offices and meet the bank's general corporate purposes, the sources said, citing a term sheet.
(Reporting by Dharamraj Dhutia; Editing by Harikrishnan Nair)
(([email protected];))
June 15 (Reuters) - State Bank of India SBI.NS:
TO CONSIDER FUNDRAISING IN FY27 VIA DEBT INSTRUMENTS TO OVERSEAS AND INDIAN INVESTORS
Source text: ID:nBSE5tfvZk
Further company coverage: SBI.NS
(([email protected];))
June 15 (Reuters) - State Bank of India SBI.NS:
TO CONSIDER FUNDRAISING IN FY27 VIA DEBT INSTRUMENTS TO OVERSEAS AND INDIAN INVESTORS
Source text: ID:nBSE5tfvZk
Further company coverage: SBI.NS
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, June 12 (Reuters) - State Bank of India SBI.NS and Bank of Baroda BOB.NS are set to become the first users of the Reserve Bank of India's subsidised hedging window for overseas borrowings, with plans to raise about $1 billion through five-year dollar bonds, three sources said on Friday.
The state-run lenders are each targeting around $500 million, the sources said.
Neither bank responded to Reuters requests for comment. The sources requested anonymity as they are not authorised to speak to media.
"Both the banks will aim to complete the issue before the end of this month, as they had been waiting for the central bank's facility to be formalised," one of the sources said.
The Reserve Bank of India said this week that external commercial borrowings with an average maturity of at least three years by state-run companies would qualify for a swap facility at a fixed rate of 1.5% per annum, compounded semi-annually.
The facility lowers hedging costs, making overseas borrowing cheaper for companies and banks.
"With 150 basis point of hedging discount, the all in landed cost for these lenders should be around 6.25%-6.50%, which is cheaper than their local cost of borrowing," another source said.
Merchant bankers expect inflows of around $15 billion to $20 billion through this route over the next six months.
In September 2025, SBI, the nation's lender had raised $500 million through five-year dollar denominated bonds at a coupon of 4.50% payable semi-annually.
While SBI has maturities of dollar bonds worth around $750 million coming up later this month and in July, Bank of Baroda currently has no outstanding dollar debt, according to financial data aggregator Cbonds.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, June 12 (Reuters) - State Bank of India SBI.NS and Bank of Baroda BOB.NS are set to become the first users of the Reserve Bank of India's subsidised hedging window for overseas borrowings, with plans to raise about $1 billion through five-year dollar bonds, three sources said on Friday.
The state-run lenders are each targeting around $500 million, the sources said.
Neither bank responded to Reuters requests for comment. The sources requested anonymity as they are not authorised to speak to media.
"Both the banks will aim to complete the issue before the end of this month, as they had been waiting for the central bank's facility to be formalised," one of the sources said.
The Reserve Bank of India said this week that external commercial borrowings with an average maturity of at least three years by state-run companies would qualify for a swap facility at a fixed rate of 1.5% per annum, compounded semi-annually.
The facility lowers hedging costs, making overseas borrowing cheaper for companies and banks.
"With 150 basis point of hedging discount, the all in landed cost for these lenders should be around 6.25%-6.50%, which is cheaper than their local cost of borrowing," another source said.
Merchant bankers expect inflows of around $15 billion to $20 billion through this route over the next six months.
In September 2025, SBI, the nation's lender had raised $500 million through five-year dollar denominated bonds at a coupon of 4.50% payable semi-annually.
While SBI has maturities of dollar bonds worth around $750 million coming up later this month and in July, Bank of Baroda currently has no outstanding dollar debt, according to financial data aggregator Cbonds.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
(([email protected];))
Added details about SBI's rate hike
By Gopika Gopakumar
MUMBAI, June 10 (Reuters) - Some banks raised rates on foreign currency deposits for non-resident Indians by as much as 300 basis points on Wednesday, in a likely bid to attract dollar inflows after the central bank eased regulatory restrictions last week.
The Reserve Bank of India will bear the full hedging cost for three- to five-year non-resident deposits, it said on Friday, as part of a broader set of measures to encourage overseas flows and curb weakness in the rupee.
The unit is Asia's second-worst-performing currency this year, down 6% so far, and slipping to record lows in May.
HDFC Bank HDBK.NS, India's largest private sector lender, hiked rates by 235-265 basis points to 6% on three- to five-year deposits.
State Bank of India, the country's largest bank, raised rates by as much as 300 basis points across three- to five- year deposits. For deposits up to $1 million, it will now offer between 5.25% to 5.75% on of three- to five-year tenures. For deposits above $1 million, the bank will offer between 5.5% and 6% on tenures of three to five years.
AU Small Finance Bank AUFI.NS increased rates by 195 bps, offering 7.1% on three-year deposits and 7% on five-year deposits.
Yes Bank YESB.NS has set the rate at 7% on three-year deposits, 7.05% on four-year deposits and 7.10% on five-year deposits, according to a Bloomberg report on Wednesday. A Yes Bank spokesperson did not respond to Reuters' request for comment.
Other banks are expected to announce their new rates this week.
Lenders could raise as much as $35 billion to $40 billion via these foreign currency deposits until September this year, according to a Reuters report. The RBI said it is also open to banks providing guarantees to offshore lenders to lend to NRIs, who can place these borrowed funds as deposits.
The RBI had last launched a concessional forex swap facility for non-resident Indians in 2013 when the rupee had depreciated sharply due to the U.S. Federal Reserve's "taper tantrum". Under that scheme, HDFC Bank mobilised $3.4 billion, followed by ICICI Bank ICBK.NS, SBI SBI.NS and select foreign banks.
(Reporting by Gopika Gopakumar in Mumbai; Editing by Sonia Cheema and Diti Pujara)
(([email protected];))
Added details about SBI's rate hike
By Gopika Gopakumar
MUMBAI, June 10 (Reuters) - Some banks raised rates on foreign currency deposits for non-resident Indians by as much as 300 basis points on Wednesday, in a likely bid to attract dollar inflows after the central bank eased regulatory restrictions last week.
The Reserve Bank of India will bear the full hedging cost for three- to five-year non-resident deposits, it said on Friday, as part of a broader set of measures to encourage overseas flows and curb weakness in the rupee.
The unit is Asia's second-worst-performing currency this year, down 6% so far, and slipping to record lows in May.
HDFC Bank HDBK.NS, India's largest private sector lender, hiked rates by 235-265 basis points to 6% on three- to five-year deposits.
State Bank of India, the country's largest bank, raised rates by as much as 300 basis points across three- to five- year deposits. For deposits up to $1 million, it will now offer between 5.25% to 5.75% on of three- to five-year tenures. For deposits above $1 million, the bank will offer between 5.5% and 6% on tenures of three to five years.
AU Small Finance Bank AUFI.NS increased rates by 195 bps, offering 7.1% on three-year deposits and 7% on five-year deposits.
Yes Bank YESB.NS has set the rate at 7% on three-year deposits, 7.05% on four-year deposits and 7.10% on five-year deposits, according to a Bloomberg report on Wednesday. A Yes Bank spokesperson did not respond to Reuters' request for comment.
Other banks are expected to announce their new rates this week.
Lenders could raise as much as $35 billion to $40 billion via these foreign currency deposits until September this year, according to a Reuters report. The RBI said it is also open to banks providing guarantees to offshore lenders to lend to NRIs, who can place these borrowed funds as deposits.
The RBI had last launched a concessional forex swap facility for non-resident Indians in 2013 when the rupee had depreciated sharply due to the U.S. Federal Reserve's "taper tantrum". Under that scheme, HDFC Bank mobilised $3.4 billion, followed by ICICI Bank ICBK.NS, SBI SBI.NS and select foreign banks.
(Reporting by Gopika Gopakumar in Mumbai; Editing by Sonia Cheema and Diti Pujara)
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-- Source link: https://tinyurl.com/34y7ayaj
-- Note: Reuters has not verified this story and does not vouch for its accuracy
-- Source link: https://tinyurl.com/34y7ayaj
-- Note: Reuters has not verified this story and does not vouch for its accuracy
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What does State Bank Of India do?
State Bank of India (SBI) provides a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers through its various branches and outlets, joint ventures, subsidiaries, and associate companies. It has always been in the forefront to embrace changes without losing sight of its values such as Service, Transparency, Ethics, Politeness and Sustainability.
Who are the competitors of State Bank Of India?
State Bank Of India major competitors are HDFC Bank, ICICI Bank, Union Bank Of India, PNB, Bank Of Baroda, Canara Bank, Indian Bank. Market Cap of State Bank Of India is ₹9,72,630 Crs. While the median market cap of its peers are ₹1,34,123 Crs.
Is State Bank Of India financially stable compared to its competitors?
State Bank Of India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does State Bank Of India pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. State Bank Of India latest dividend payout ratio is 19.23% and 3yr average dividend payout ratio is 18.58%
How has State Bank Of India allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is State Bank Of India balance sheet?
Latest balance sheet of State Bank Of India is weak, and historically as well.
Is the profitablity of State Bank Of India improving?
Yes, profit is increasing. The profit of State Bank Of India is ₹88,121 Crs for TTM, ₹83,299 Crs for Mar 2026 and ₹77,561 Crs for Mar 2025.
Is State Bank Of India stock expensive?
Yes, State Bank Of India is expensive. Latest PE of State Bank Of India is 11.28, while 3 year average PE is 10.73. Also latest Price to Book of State Bank Of India is 1.56 while 3yr average is 1.53.
Has the share price of State Bank Of India grown faster than its competition?
State Bank Of India has given better returns compared to its competitors. State Bank Of India has grown at ~15.8% over the last 10yrs while peers have grown at a median rate of 8.78%
Is the promoter bullish about State Bank Of India?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in State Bank Of India is 55.47% and last quarter promoter holding is 55.52%
Are mutual funds buying/selling State Bank Of India?
The mutual fund holding of State Bank Of India is increasing. The current mutual fund holding in State Bank Of India is 13.61% while previous quarter holding is 13.29%.