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RIBs' early closing date extended to August 24

State Bank of India has decided to extend the date of early closing of Resurgent India Bonds issue to August 24.

SBI has kept the issue open till September 4, but had earlier kept the option of closing the issue earlier, on or after August 17, in case the bank was able to mop the targetted amount in that period.

The RIB issue is intended to mop up foreign currency funds from non-resident Indians and overseas corporate bodies to enable investment in core sector projects and tide over the economic sanctions imposed after the nuclear tests at Pokhran.

SBI claims to have received an ''overwhelming'' response from the foreign investors. ''Available information also indicates that an overwhelming large number of small applicants are still wanting to apply for the bonds,'' the premier nationalised bank said in a statement.

The bank further said that the early closing date of the RIBs issue has been extended due to persistent demands from investors worldwide and a number of intervening holidays in all the markets like southeast Asia, India, the Middle East and the US reached by the bank.

UNI