State Bank of Travancore has sought capital markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise up to Rs 485 crore through rights issue to shore up its capital base.
The bank intends to utilise the net proceeds towards augmenting capital base to meet its capital requirements, primarily loan and investment portfolio. The issue is being managed by BOB Capital Markets Ltd and SBI Capital Markets.
State Bank of Travancore is a subsidiary of country’s largest lender State Bank of India (SBI).
