 "SBI approves plan to raise up to Rs 15,000 cr in capital")
Country's largest lender SBI will tap capital markets to raise Rs 15,000 crore in the next financial year by way of institutional placement, rights issue or FPO.
The central board of State Bank of India (SBI) at its meeting on Wednesday approved raising of equity capital up to Rs 15,000 crore during the financial year 2017-18.
The funds would be issued by way of Follow-on Public Offer (FPO) or rights issue or qualified institutional placement (QIP) or American Depository Receipt (ADR) or Global Depository Receipt (GDR) or employee stock options, SBI said in a filing to the BSE.
The mode of fund raising would be decided at the "opportune time" subject to approval of the government and the RBI, it added.
Shares of SBI closed at Rs 277.40, up 0.98 per cent over the previous close on the BSE.
On Wednesday, SBI also decided to inject 1,160 crore rupees into two credit card joint ventures companies - SBI Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd - to raise its share in both the companies to 74 per cent, it said in a separate statement
