State Bank of India said it will be raising Rs 11,100 crore debt via private placement to overseas and-or Indian investors.

The perpetual debt instruments could be denominated in US dollars or Indian Rupee, the bank said.

The debt will rank as Tier 1 capital for India’s largest bank.

No timelines for the move were given.

Last week Earlier State Bank of India had announced its approval for merger with State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, Travancore and SBBJ.

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