Friday, 20 January 2017

SBI Gains As Govt Approves Preferential Allotment

SBI share price gained during today’s trade after the lender informed that it will issue shares to the government on a preferential basis. This will aid the bank meet common capital ratio capital requirement under Basel-III norms. Under Secretary to the government, Surender Singh informed that the government under 5 (2) of SBI Act 1955 gave the approval to increase the paid up capital by the way of preferential allotment of equity shares to the government of India.

As on December 20, the lender passed a special resolution for up to Rs 5,681 crore capital infusion in the bank by the way of preferential issue of equity shares in favor of the government.
Intraday on Friday, SBI share price rose 0.72 per cent to Rs 260.25 on the NSE. The stock opened at Rs. 258.50 against its previous close at Rs. 258.40.

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