'SBI launches $1.5-bn share sale'

State Bank of India, the country’s largest lender, on Tuesday launched a share sale to raise up to $1.5 billion that will be used to boost its domestic and foreign banking operations, three sources with direct knowledge of the deal said.

The bank is selling shares to institutional investors in the price band of Rs 1,565 to Rs 1,596 a share, said the sources, who declined to be named, as they were not authorised to speak to the media.

State Bank of India shares ended 0.1% up on Tuesday at 1,596.30 rupees.