Friday, 9 June 2017

SBI says $2.3 billion share sale satisfies capital needs for at least a year


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State Bank of India said on Friday it may not need to tap equity markets for at least another year as its capital ratios will strengthen in the wake of this week's $2.3 billion share sale.

India's biggest lender is also due to gain additional funds this financial year from a planned share sale in its life insurance arm and also from possible stake divestments it considers non-core, the head of the bank, Arundhati Bhattacharya, told a briefing.

As such, there is no need for SBI to seek funds from the government for now.

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