SBI raises $226mln from retail bond sale

Investors bid for 20 times the bonds offered in the sale as SBI earlier targeted $112.22mln.

State Bank of India, the nation’s largest lender, raised 10 billion rupees ($226 million) in its first retail bond sale, a person with direct knowledge of the matter said.

Investors bid for 20 times the bonds offered in the sale, which closed Oct. 23, the person said, in a report in Bloomberg.

State Bank planned to raise 5 billion rupees ($112.22 million), with an option to sell a further 5 billion rupees of debt on demand, according to statement from the Mumbai-based bank on Sept. 7.