SBI central board to meet later this week for extension of capital raising timeline

New Delhi: State Bank of India (SBI) on Monday said its central board will meet later this week to consider an extension of approval accorded by it for raising equity capital of up to Rs 20,000 crore from the market till the end of fiscal 2020.

In December last year, shareholders of the country's largest lender approved its plans to raise up to Rs 20,000 crore through various modes, including a follow on public offer (FPO), to fund its growth.

"A meeting of the central board of the bank is scheduled to be held on March 22, 2019, to consider inter alia the extension of approval accorded by the central board for raising equity capital of up to Rs 20,000 crore from the market till March 31, 2020," SBI said in a regulatory filing. Shares of SBI were trading 0.74 per cent lower at Rs 295.50 apiece on BSE.