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SBI's over Rs16,000 crore rights issue fully subscribed

18 Mar 2008

1

Mumbai: The Rs16,000 crore ($4.1 billion) rights issue by the State Bank of India, has been fully subscribed, despite the turmoil in global financial markets and a fall in its share price.

SBI shares traded close to the discounted price of the rights shares the bank is offering, in a general stock market downturn.

SBI shares closed at Rs1,633, down 4.72 per cent from the previous close of Rs1,714.35 on the BSE. In intra-day trading, the stock fell to Rs1,600.20.

SBI, the country's largest lender, had priced its rights issue at Rs1,590 a share. The issue closes tomorrow.

When the issue was announced, the share price of SBI was Rs2,462.25 and the rights issue was at a 35 per cent discount.

SBI has issued about 105 million shares to raise a total of Rs16,736.31 crore.

Individuals constitute about 6 per cent of SBI's total shareholding. SBI expects bigger investors to apply tomorrow, which is the last day.

SBI's Global Depositary Receipts and state-run Life Insurance Corp of India with a 3.6 per cent stake are the largest shareholders after the government.

 It was also the bank's first share sale in more than a decade.

SBI has 10,000 branches across the country that collected applications from retail investors and data is still being collated, they said.

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