Thursday, 16 March 2017

SBI to raise Rs 15,000 cr equity capital next fiscal

Country's largest lender SBI will tap capital markets to raise Rs 15,000 crore in the next fiscal by way of institutional placement, rights issue or FPO. The central board of State Bank of India (SBI) at its meeting today approved raising of equity capital up to Rs 15,000 crore during the fiscal year 2017-18. The funds would be issued by way of Follow-on Public Offer (FPO) or rights issue or qualified institutional placement (QIP) or American Depository Receipt (ADR) or Global Depository Receipt (GDR) or employee, SBI said in a filing to the BSE. The mode of fund raising would be decided at the "opportune time" subject to approval of the government and the RBI, it added.

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