State Bank of Mysore (SBM) is planning to raise fresh capital through a Rights Issue to shore up its Tier-I capital base. In this regard, the bank’s board will meet on March 29 and finalized the details of the rights issue. The company wants to be adequately funded to meet the requirements at least till 2015-16.
Currently, the Bank’s capital adequacy ratio under Basel-II stands at 11.40 per cent and 11.19 per cent under the Basel-III norms. Under Basel-II, the Tier-I capital stands at 8.7 per cent and 8.58 per cent under the Basel-III as at end of December 2013.
The Bank had raised Rs 65 crore through an institutional placement programme (IPP) in May last year.
