SBI launches share sale to raise Rs11,000 crore

Mumbai: Country’s largest lender State Bank of India (SBI) on Monday opened share sale through private placement at Rs287.58 a piece to raise Rs11,000. This is part of plans to garner 15,000 crore capital from markets in the current fiscal.

In a regulatory filing, the bank said it has opened ‘qualified institutional placement’ (QIP) of equity shares of face value of Rs1 to qualified institutional buyers.

“The floor price in respect of the issue, based on the pricing formula of SEBI, is Rs287.58 per equity share of the bank and the relevant date for this purpose…is 5 June, 2017,” the filing said.

read more- Live Mint

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