State Bank Of India

State Bank of India (SBI), the country’s largest public sector 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 Institutions 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.

The bank also received approval to increase its issued capital by Rs 11,576 crore {Rs 2,000 crore (including premium) towards preferential allotment of equity shares in favour of Gol and Rs 9,576 crore (including premium) towards raising of equity from the market] in accordance with SBI Act, 1955, subject to requisite approvals.

The bank 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.