State Bank of Travancore raises Rs 474 cr via rights issue

Board okays allotment of 1,18,50,694 shares of Rs 10 face value at a price of Rs 400, including premium of Rs 390 a share

SBI associate State Bank of Travancore has raised over Rs 474 crore through a rights issue to fund business expansion.

"The Committee of Directors... Has approved the allotment of 1,18,50,694 equity shares with a face value of Rs 10 each for cash at a price of Rs 400, including a premium of Rs 390 per equity share, aggregating Rs 474.03 crore, to eligible applicants of the rights issue," it said in a filing to the BSE.

SBT is one of the five associate banks of the State Bank of India.

Shares of the bank fell 2.68 per cent to Rs 444.50 apiece on the BSE, post the right issue announcement.