The fundraising, if approved, would be through a public issue or private placement during fiscal 2023, SBI said.
“To seek approval for raising of Infrastructure Bonds up to an amount of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23," the bank's statement read.
The lender also said that its executive committee of the central board will meet on 29 November to consider the fundraising.
Recently, SBI Chairman Dinesh Kumar Khara told reporters that the bank expects to sustain its current pace of credit growth while aiming to keep its net non-performing asset ratio below 1%.
After announcing the September quarter results, SBI said it expects credit growth of 14%-16% for the current financial year as it steps up efforts to attract deposits.
The bank has a term loan pipeline of ₹2.5 lakh crore and expects demand from all sectors.
The lender's net non-performing asset (NPA) ratio fell to 0.8% in the June-September quarter.
The SBI Chairman also said that the bank hoped to further reduce bad loans, and keep the ratio below 1% going forward.
Analysts had earlier said that Indian banks will continue their fundraising spree over the next few months by issuing securities including infrastructure bonds as they rush to meet rising credit demand and lock in funds at cheaper rates.
Indian banks' credit growth was 17% on-year in the 14 days ended 4 November, as per data from the RBI. The deposit growth stood at 8.25%.
Shares of SBI closed 0.32% higher at ₹609.60 apiece on the NSE today.
With agency inputs
