SBI flags off QIP to raise Rs 11,000 crore

The State Bank of India (SBI), the country’s largest lender, has launched share sales through private placement to raise about Rs 11,000 crore to shore up its capital adequacy ratio.

This is part of the plan to mop up Rs 15,000 crore from the markets in the current fiscal year.

In a regulatory filing, the bank said it had opened a “qualified institutional placement” (QIP) of equity shares with a face value of Rs 1 to qualified institutional buyers.

“The floor price in respect of the issue, based on the pricing formula of Sebi, is Rs 287.58 per equity share of the bank