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  Business   Companies  22 Oct 2018  SBI plans to raise up to Rs 25,000 crore in FY19

SBI plans to raise up to Rs 25,000 crore in FY19

PTI
Published : Oct 22, 2018, 5:09 pm IST
Updated : Oct 22, 2018, 5:09 pm IST

Central board of the bank gave its approval to two proposals of the bank, SBI said in a regulatory filing.

The resolution provides for raising
 The resolution provides for raising "equity capital up to an amount of Rs 20,000 crore during FY2018-19.

Mumbai: The country's largest bank SBI said on Monday it seeks to raise up to Rs 25,000 crore during the current financial year, including up to Rs 5,000 crore through bonds to meet capital adequacy norms.

The central board of the bank gave its approval to two proposals of the bank, State Bank of India (SBI) said in a regulatory filing.

The board accorded approval to the bank to raise Basel III compliant Tier 2 bonds up to Rs 5,000 crore in USD/domestic currency to overseas and/or Indian investors during 2018-19, through a public offer/private placement. SBI also received approval for an enabling resolution for raising equity capital.

The resolution provides for raising "equity capital up to an amount of Rs 20,000 crore during FY2018-19 from the market by way of FPO/ QIP/ Preferential allotment/ Rights lssue/ any other mode or a combination of these, to be decided at the opportune time", the filing said.

SBI shares closed almost flat at Rs 259.95 on BSE. 

Tags: sbi, fund, domestic currency, bond, equity capital
Location: India, Maharashtra, Mumbai (Bombay)