Millennium Post

SBI to raise Rs 15K cr next fiscal

Country's largest lender SBI will tap capital markets to raise Rs 15,000 crore in the next fiscal by way of institutional placement, rights issue or FPO. The central board of State Bank of India (SBI) at its meeting on Wednesday approved raising of equity capital up to Rs 15,000 crore during fiscal year 2017-18. The funds would be issued by way of Follow on Public Offer (FPO) or rights issue or qualified institutional placement (QIP) or American Depository Receipt (ADR) or Global Depository Receipt (GDR) or employee stock options, SBI said in a filing to the BSE. The mode of fund raising would be decided at the "opportune time" subject to approval of the government and the RBI, it added.
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