State Bank of India, country’s largest public sector lender is likely to raise around Rs 7,900 crore through preferential issue of shares to the Government of India. The issue price has fixed at Rs 2,191.69 per share, which includes a face value of Rs 10 per share and a premium of Rs 2181.69 per share.
The bank has reported a better-than expected net profit of Rs 3,263 crore for the quarter ended December 2011, up 15.38% from Rs 2,828 crore in the corresponding quarter last year. Profits were driven by an improvement in net interest margin which widened to 4.05% from 3.61% a year ago.
