January 2, 2014 / 9:47 AM / 6 years ago

India's SBI sells 20 bln rupees in tier-2 bonds-sources

MUMBAI/SINGAPORE, Jan 2 (Reuters) - State Bank of India , the country’s largest lender, raised 20 billion rupees ($323.34 million) through the sale of Tier 2 10-year bonds at 9.69 percent, two sources with knowledge of the deal said.

The debt is compliant with Basel III requirements, and SBI Capital Markets will be the arranger, the sources added. Both declined to be identified because the deal has not been publicised.

The pay-in occurred on Wednesday, and the allotment is due to take place on Thursday, said one of the sources, who added the debt was placed with pension funds and insurance companies among other investors. ($1 = 61.8550 Indian rupees) (Reporting by Archana Narayanan in MUMBAI and Manju Dalal from IFR in SINGAPORE; Editing by Rafael Nam)

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