State Bank of India (SBI), the country’s largest public sector bank has received its shareholders' approval for the preferential issue of equity shares of Rs 10 each to the Government of India up to Rs 2,000 crore (including premium). The shareholders have also approved a resolution allowing the creating, offering, issuing, allotting by way of QIP/FPO/ or any other mode, such number of equity shares as may be approved by the Central Government and RBI, up to Rs 11,500 crore. The shareholders of the bank at the general meeting held on December 30, 2013 have approved for the same.
State Bank of India has reported 35.07% fall in its net profit at Rs 2375.01 crore for the second quarter ended September 30, 2013 as compared to Rs 3658.14 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.88% at Rs 37199.92 crore for quarter under review as compared to Rs 32953.47 crore for the quarter ended September 30, 2012.