New Delhi, July 29 -- State Bank of India (SBI) has raised Rs.4,691 crore through its first Basel III-compliant Additional Tier 1 (AT1) bond issuance of the current financial year, following strong demand from institutional investors.

The country's largest lender accepted bids above the base issue size after the offering attracted subscriptions of more than twice the amount initially planned.

The AT1 bonds were issued at a coupon rate of 7.75% and carry a perpetual tenor, with the bank retaining the option to call the bonds after five years and on every anniversary thereafter. The issue has been assigned an AA+ rating with a stable outlook by both CRISIL Ratings and CARE Ratings.

SBI's bond issue received a robust response from investo...