MUMBAI: Country’s largest lender SBI has said that it will raise long-term capital of up to $1.5 billion (over Rs.10,000 crore) by issuing bonds in US dollar or other convertible currency.

SBI said in a BSE filing that the decision was the outcome of the executive committee meeting of the Board.

The Executive Committee of the Central Board in its meeting held on June 29, 2016, has approved “to raise long term funds up to $1,500 million in single/multiple tranches”, SBI said. It said the fund raising will take place through a public offer and/or private placement of senior unsecured notes in U.S. dollar or any other convertible currency during 2016-17. — PTI