SBI to raise $2 billion from overseas markets in FY2023-24

SBI to raise $2 billion from overseas markets in FY2023-24 : The Executive Committee of State Bank of India’s Central Board has approved long term fund raising of up to $2 billion in US dollar or any other convertible currency during FY24. The fund raising will be in single/multiple tranches under ‘Reg-S/144A’, through a public offer and/or private placement of senior unsecured notes, India’s largest bank said in a regulatory filing.

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It is knowm that any offering of securities anywhere in the world must be either registered with the US Securities and Exchange Commission (the SEC) or exempt. “The two primary exemptions from such requirements that are most often utilized in international securities offerings are Rule 144A (offers and sales to qualified institutional buyers inside the US) and Regulation S (sales to investors outside the US in offshore transactions). These two exemptions commonly work in tandem,” per the article.