State Bank of India (SBI), the country’s largest public sector bank will raise Rs 9,576 crore through institutional placement of shares and the issue would come out before March 2014.
The bank has received an approval to raise Rs 9,576 crore of equity during the financial year 2013-14 from the market by way of Qualified Institutional Placement (QIP) as per law with the condition that the Gol holding shall not come down below 58%. The Government of India (GoI) on December 09, 2013 has accorded its approval to SBI for the same.
In October, the SBI board had approved infusion of Rs 2,000 crore by allotting preferential equity shares to the government.
