SBI plans Rs10,000 crore issue in November-January
06 Oct 2007
Mumbai:
State Bank of India, the country''s largest lender, plans to raise Rs10,000 crore
($2.53 billion) through sale of equity in the current fiscal year, probably between
November and January, its chairman OP Bhatt said.
SBI is awaiting the nod of the finance ministry to meet additional capital requirements for business growth and statutory requirement, he said.
"We are under discussion with the finance ministry and awaiting clearance from them. Once we get clearance, capital would be raised within 90 days," Bhatt said.
The
bank is expected to raise the funds either through follow on public offer (FPO)
or rights issue. The government''s stake would be diluted if the bank brings out
a public offer but will remain unchanged in case of rights issue.
