State Bank of India rose 0.52% to Rs 259.85 at 9:45 IST on BSE after the bank said that its committee of directors will meet on 24 August 2016, to consider long term AT1 fund raising.
The announcement was made on Saturday, 20 August 2016.Meanwhile, the BSE Sensex was up 26.86 points, or 0.1% to 28,103.86.
On BSE, so far 3.03 lakh shares were traded in the counter, compared with average daily volume of 29.59 lakh shares in the past one quarter. The stock hit a high of Rs 260.50 and a low of Rs 258.60 so far during the day. The stock hit a 52-week high of Rs 281.65 on 20 August 2015. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had outperformed the market over the past one month till 19 August 2016, rising 12.54% compared with 1.04% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 49.51% as against the Sensex's 10.54% rise.
The large-cap state-run bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.
State Bank of India (SBI) said that the committee of directors will meet on 24 August 2016, to consider and examine the status and decide on long term AT1 fund raising in single/multiple tranches in domestic/foreign currency through a public offer and/or private placement during the financial year ending 31 March 2017.
Meanwhile, SBI announced late last week the merger of 5 associate banks viz. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Hyderabad and State Bank of Patiala with itself. SBI also announced the merger of unlisted Bharatiya Mahila Bank (BMBL) with itself. As per the swap ratio for the merger, 28 equity shares of SBI will be issued for every 10 shares held in SBBJ. For both SBM and SBT, the swap ratio for merger is 22 shares of SBI for every 10 shares held in SBM and SBT. SBBJ, SBM, and SBT are listed associate banks of SBI while State Bank of Hyderabad and State Bank of Patiala are the unlisted associate banks of SBI.
SBI's net profit fell 31.7% to Rs 2520.96 crore on 9.4% rise in net sales to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015.
More From This Section
SBI is India's biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 June 2016).
Powered by Capital Market - Live News