State Bank of India (SBI) on Wednesday said it has raised ₹10,000 crore via infrastructure bonds.

This was its sixth such issuance and it came at a coupon rate of 7.36 per cent. According to the country’s largest bank, the issue attracted an overwhelming response from investors with bids of over ₹18,145 crore. It was subscribed by 3.6 times against the base issue size of ₹5,000 crore.

SBI added that the total number of bids received was 120, indicating wider participation.

The investors were spread across provident funds, pension funds, insurance companies, mutual funds, and corporate houses among others.

Proceeds from the issue will be used to enhance long term resources for funding infrastructure and affordable housing segment.

Based on the strong response, the bank decided to accept ₹10,000 crore at a coupon rate of 7.36 per cent payable annually for a tenor of 15 years.

The instrument was rated AAA with a stable outlook. With the current issuance, the total outstanding long-term bonds issued by the lender is at ₹59,718 crore.

SBI stated that the issuance is also very significant as it has been successful in raising long duration bonds successively. Commenting on the latest fund raising, SBI chairman Dinesh Khara said that it will help in developing a long-term bond curve and encourage other banks to issue bonds of longer tenor.

Last month, it had raised a similar amount through infrastructure bonds. It received bids in excess of ₹19,884 crore and was subscribed by around four times against the base issue size of ₹5,000 crore.

Earlier, the bank had disclosed that it has completed the issuance of $100 million senior unsecured floating rate notes having a maturity period of three years.

The bonds will be issued through its London branch effective June 20.

Shares of the lender on Wednesday ended at ₹849.10 on the BSE, a drop of 1.38 per cent over the previous close.