| Cabinet okays Rs 10,000cr capital infusion in SBI |
| BS Reporter / New Delhi November 30, 2007 |
| State Bank of India (SBI) today got a capital boost as its majority shareholder, the central government, decided to subscribe to the rights issue of the bank for Rs 10,000 crore. Instead of giving cash to buy fresh shares, the government will issue marketable SLR (statutory liquidity ratio) bonds to SBI, which it will sell to investors like banks. The actual number of shares to be subscribed, coupon rate and tenure of the securities will be worked out later, an official release said. The union cabinet, chaired by Prime Minister Manmohan Singh, gave its approval for capital infusion in the country |
