SBI Launches Rs 25000 Crore Share Via QIP
Board has approved raising up to Rs 20,000 crore through bonds this fiscal: SBI
MUMBAI: State Bank of India (SBI) the country’s largest lender, on Wednesday said that its board has approved raising up to Rs 20,000 crore through bonds this fiscal. The board also launched a major equity fundraising plan, kicking off a qualified institutional placement (QIP) to raise Rs 25,000 crore.
The bank’s board approved the QIP of fully paid-up equity shares at a floor price of Rs 811.05 per share--a 2.3 per cent discount to Tuesday’s NSE closing price of Rs 830.50. SBI also said it may offer a
discount of up to 5 per cent on the floor price, with the final issue price to be decided in consultation with book-running lead managers.
This QIP is part of a plan already cleared by SBI’s board in May to raise up to Rs 25,000 crore during FY26 through one or more tranches via QIP, follow-on public offers (FPO), or any other permissible
instruments.
"The central board of the bank in its meeting held on Wednesday approved raising funds by issuing Basel-III-compliant additional tier 1 and 2 bonds, up to an amount of Rs 20,000 crore to domestic
investors during FY26, subject to government approvals," the SBI said in a stock exchange filing.