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BOM:500112

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Asia

Market Chatter: State Bank of India-Led Consortium Agrees to $3.5 Billion Debt Financing for Vodafone Idea

A consortium led by State Bank of India (NSE:SBIN, BOM:500112) has agreed to provide about $3.5 billion in debt financing to Vodafone Idea (NSE:IDEA, BOM:532822), Bloomberg reported Thursday, citing people familiar with the matter.Funds from the lending consortium, which includes Union Bank of India (NSE:UNIONBANK, BOM:532477) and the National Bank for Financing Infrastructure and Development, will be used to upgrade the telecom operator's network, the report said.SBI, Vodafone Idea, Union Bank of India, and the National Bank for Financing Infrastructure and Development did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500112BOM:532477BOM:532822NSE:IDEANSE:SBINNSE:UNIONBANK
Asia

Fitch Rates State Bank of India's $500 Million Senior Notes BBB-

Fitch Ratings assigned a BBB- final rating to State Bank of India's (NSE:SBIN, BOM:500112) $500 million senior unsecured notes, according to a Tuesday release.The notes, due August 2031, serve as the bank's direct, unconditional, unsubordinated, and unsecured obligations, ranking equally at all times with all of its other unsubordinated and unsecured obligations.The bank's London branch guarantees the securities.The notes' rating is equivalent to the bank's long-term issuer default rating, with any action on the latter expected to result in a similar action on the notes.

BOM:500112NSE:SBIN
Treasury

State Bank of India Files for Singapore Listing of $500 Million Bonds

State Bank of India (NSE:SBIN, BOM:500112) filed for the listing of $500 million in 5.250% bonds due 2031 on the Singapore bourse, according to a filing with the Singapore Exchange on Tuesday.The bonds will be listed and quoted on the Bonds Market on Aug. 19, the filing said.

^STIBOM:500112NSE:SBIN
Treasury

Market Chatter: State Bank of India Eyes Five-Year Dollar Bond Issue, Sources Say

State Bank of India (NSE:SBIN, BOM:500112) is preparing to tap the international dollar bond market with a five-year offering, its first public issuance in nearly a year, Reuters reported Tuesday, citing three merchant bankers.The bonds will be sold through the lender's London branch, with initial guidance set at around 120 basis points above U.S. Treasuries, according to the report.SBI is expected to raise at least $500 million from the deal, although the final amount will depend on investor demand, the report said.SBI did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500112NSE:SBIN
Asia

Fitch Assigns State Bank of India's Proposed Bonds BBB-(EXP) Rating

Fitch Ratings assigned State Bank of India's (NSE:SBIN, BOM:500112) proposed senior unsecured bonds an expected rating of 'BBB-(EXP)'.The instruments are rated at the same level as the bank's long-term issuer default rating, according to a Tuesday release.The final rating is subject to the receipt of final documentation conforming to current information.

BOM:500112NSE:SBIN
Asia

State Bank of India's Consolidated Profit Rises in Fiscal Q1

State Bank of India's (NSE:SBIN, BOM:500112) consolidated net profit rose to 245.8 billion Indian rupees in the fiscal first quarter ended June 30 against 216.3 billion rupees a year ago.Earnings per share climbed to 26.12 rupees from 23.76 rupees a year earlier, according to a Friday filing to the Indian stock exchanges.Interest earned in the fiscal quarter also grew to 1.362 trillion rupees from 1.256 trillion rupees a year ago.

BOM:500112NSE:SBIN
Asia

Avaada Secures $1.3 Billion Financing for 2.15 GW Renewable Energy Portfolio

Avaada Group has achieved financial closure of about $1.3 billion for a 2.15 GW renewable energy portfolio comprising hybrid renewable and utility-scale solar projects.The financing has been sanctioned by State Bank of India (NSE:SBIN, BOM:500112), REC (NSE:RECLTD, BOM:532955) and Canara Bank (NSE:CANBK, BOM:532483) across four special purpose vehicles.The portfolio includes 1.35 GW of hybrid renewable energy projects and 800 MW of solar projects being developed for Maharashtra State Electricity Distribution and Gujarat Urja Vikas Nigam.The projects across Gujarat and Maharashtra involve developing more than 3 GW of solar capacity and 450 MW of wind capacity, the company said.

BOM:500112BOM:532483BOM:532955NSE:CANBKNSE:RECLTDNSE:SBIN
Treasury

State Bank of India Raises INR46.9 Billion from Bond Issue

State Bank of India (NSE:SBIN, BOM:500112) raised 46.9 billion Indian rupees Wednesday through the issue of perpetual bonds carrying a 7.75% coupon rate.The bonds have a call option after five years and every anniversary date following that, according to a Wednesday Indian bourse filing.

BOM:500112NSE:SBIN
Asia

SBI Funds Management Jumps 6% in India Debut

SBI Funds Management (NSE:SBIFUNDS, BOM:544829) closed 6.2% higher than its IPO price when it debuted on the Indian stock exchanges on Tuesday.The asset manager's shares closed at 609.75 rupees on Tuesday, valuing the ​company at 1.24 trillion rupees.The fund is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.

BOM:500112BOM:544829NSE:SBIFUNDSNSE:SBIN
Asia

SBI Funds Management's IPO Oversubscribed by 42 Times on Final Day

The initial public offering of SBI Funds Management was oversubscribed 41.66 times on its final day of bidding, according to data from the National Stock Exchange of India on Thursday.The fund is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.The IPO received bids for 5.19 billion shares against the 124.6 million shares on offer, the data showed.The Qualified Institutional Buyers segment led the demand, with subscriptions of 140.1 times, while the Non-Institutional Investors portion was subscribed 22.5 times. The retail individual investors category was subscribed 3.6 times.The IPO opened on July 14 and closed on Thursday, with shares expected to begin trading on July 21. It features a price band of 545 Indian rupees to 574 rupees per equity share.

BOM:500112NSE:SBIN
Asia

State Bank of India Appoints CFO

State Bank of India (NSE:SBIN, BOM:500112) said Sunil Ramgopal Agrawal has joined the bank as chief financial officer-designate, effective July 15.Agrawal will assume the role of chief financial officer and become a key managerial personnel starting Aug. 1, according to a Wednesday stock exchange filing.

BOM:500112NSE:SBIN
Asia

SBI Funds Management IPO Oversubscribed on Second Day of Bidding

SBI Funds Management's initial public offering was oversubscribed on the second day of bidding, with investors placing bids for 162.5 million shares against 124.6 million shares on offer, exchange data showed.Non-institutional investors led demand with bids for 86.1 million shares against a quota of 23.2 million shares, while retail investors bid for 41.1 million shares against 54.1 million shares reserved for the category. Qualified institutional buyers subscribed for 8.2 million shares against their 30.9 million share quota.The IPO opened on July 14 and will close on July 16, with shares expected to begin trading on July 21.SBI Funds Management is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and Amundi.

BOM:500112NSE:SBIN
Asia

State Bank of India Lowers Stake Sale in SBI Funds Management IPO

The State Bank of India (NSE:SBIN, BOM:500112) lowered its offer-for-sale component in subsidiary SBI Funds Management's initial public offering to 30 investors for 16.55 billion rupees in a pre-IPO transaction.Following the filing of a red herring prospectus on July 8, the IPO will now comprise an offer for sale of up to 170.96 million shares, including up to 99.50 million shares to be sold by SBI and 71.45 million shares by Amundi India Holding, India's largest lender said in a July 11 filing.The IPO is subject to regulatory approvals and market conditions.

BOM:500112NSE:SBIN
Asia

State Bank of India to Sell 1.42% SBI Funds Management Stake Ahead of IPO

State Bank of India (NSE:SBIN, BOM:500112) agreed to sell a 1.42% stake in its subsidiary, SBI Funds Management, to 30 investors for 16.6 billion rupees in a pre-initial public offering transaction, according to a Thursday filing.The bank entered into share purchase agreements to sell an aggregate 28.8 million shares at 574 rupees apiece, subject to the fulfillment of conditions precedent.SBI Funds Management filed its red herring prospectus for its planned initial public offering on Wednesday.

BOM:500112NSE:SBIN
Asia

Market Chatter: State Bank of India Raises Over $1.5 Billion Through Foreign-Currency Deposits

India's largest lender, State Bank of India (NSE:SBIN), raised more than $1.5 billion from foreign-currency deposits under a special program launched in June for citizens based abroad, Bloomberg News reported Wednesday, citing people familiar with the matter.The bank is offering an interest of 5.25%-5.75% on foreign-currency deposits of up to $1 million and 5.5%-6% on deposits above $1 million, with tenures of three to five years, according to the report.Last month, the Reserve Bank of India offered banks full hedging-cost support on three- to five-year foreign-currency deposits, which allowed them to offer higher rates to boost their foreign exchange reserves during the US-Iran conflict, the report said.State Bank of India did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500112NSE:SBIN
Asia

SBI Funds Management Aims to Raise Up To INR116.9 Billion Through IPO

SBI Funds Management is aiming to raise up to 116.9 billion Indian rupees through its initial public offering.SBI Funds is a joint venture between the State Bank of India (NSE:SBIN, BOM:500112) and French asset manager ⁠Amundi.The company has set a price band of 545 rupees to 574 rupees per equity share for the IPO that is set to open on July 14 and close on July 16. The offer will be open to anchor investors on July 13, according to a statement by Amundi on Wednesday.Around 10% of the outstanding equity shares of SBI Funds will be divested through an offer for sale, including up to 6.3% by SBI, representing up to 128.3 million equity shares and up to 3.7% or up to 75.4 million equity shares by Amundi.SBI Funds Management is tentatively scheduled to commence trading on July 21.

BOM:500112NSE:SBIN
Asia

State Bank of India Plans to Raise INR600 Billion via Debt in Fiscal 2027

State Bank of India (NSE:SBIN, BOM:500112) said its board has approved raising up to 600 billion Indian rupees through the issuance of debt instruments in fiscal 2027.The fundraising may be carried out through public offerings or private placements in Indian rupees or other convertible currencies, according to a Thursday stock exchange filing.The proposed instruments include long-term bonds, Additional Tier 1 bonds and Tier 2 bonds, subject to regulatory and government approvals where required.

BOM:500112NSE:SBIN
Asia

National Stock Exchange of India Files Draft Papers for IPO

The National Stock Exchange of India has initiated the process of its public listing by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Wednesday, according to the filing made the same day.The IPO consists entirely of an offer for sale, with existing shareholders collectively divesting 148.9 million equity shares, or around 6% stake in the exchange. The shares are proposed to be listed on the other Indian stock exchange, BSE.The selling shareholders include the largest seller, State Bank of India (NSE:SBIN, BOM:50011), offering up to 24.75 million shares. Others include MS Strategic (Mauritius), which will divest up to 16 million shares, while Canada Pension Plan Investment Board has offered up to 11.9 million shares in OFS.The offer price and timing of the IPO will be detailed at a later date.

^BSE^NSENifty 50BOM:500112NSE:SBIN
Asia

Market Chatter: Indian Banks Raise NRI Deposit Rates to Attract Inflows

Indian banks have raised interest rates on foreign currency non-resident bank deposits following recent regulatory changes by the Reserve Bank of India to attract overseas capital, Bloomberg reported on Wednesday.According to the report, Yes Bank (NSE:YESBANK, BOM:532648) and AU Small Finance Bank (NSE:AUBANK, BOM:540611) are offering rates of up to 7.1% to non-residents on five-year deposits.State Bank of India (NSE:SBIN, BOM:500112) and HDFC Bank (NSE:HDFCBANK, BOM:500180) are offering as much as 6% for the same tenure.The move follows measures announced by the central bank last week that give banks greater flexibility to offer higher rates on foreign-currency deposits as policymakers seek to attract foreign inflows and support the rupee, Bloomberg said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500112BOM:500180BOM:532648BOM:540611NSE:AUBANKNSE:HDFCBANKNSE:SBINNSE:YESBANK
Asia

State Bank of India Names Group Chief Risk Officer

State Bank of India (NSE:SBIN, BOM:500112) assigned a new responsibility to Deputy Managing Director Ratna Teja Dinakara Akella, appointing him as deputy managing director and group chief risk officer, according to an Indian bourse filing on Friday.

BOM:500112NSE:SBIN

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