 "SBI board to meet this week to consider Rs 88-bn fundraising from govt")
Country's largest lender State Bank of India on Tuesday said its Board will meet later this week to consider a proposal to raise Rs 88 billion from the government.
The bank said its Board will also consider the implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.
"The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of the government of India to the tune of Rs 88 billion," State Bank of India (SBI) said in a BSE filing.
Shares of SBI were trading 2.96 per cent down at Rs 288.90 per scrip on BSE.
The bank said its Board will also consider the implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.
"The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of the government of India to the tune of Rs 88 billion," State Bank of India (SBI) said in a BSE filing.
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The government on October 24 last year had unveiled a Rs 2.11 trillion two-year roadmap for strengthening NPA-hit PSBs, which includes re-capitalisation bonds, budgetary support and equity dilution.
Shares of SBI were trading 2.96 per cent down at Rs 288.90 per scrip on BSE.