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SBI to raise Rs 3K crore by March

7 January 2013

NEW DELHI, 7 JAN: State Bank of India (SBI) today said it would raise about Rs 3,000 crore through preference shares in the next three months but ruled out the possibility of it coming out with a rights issue.
“As of now it will be through preferential allotment. The government has indicated about Rs 3,000 crore. It should happen by 31 March,” SBI chairman Pratip Chaudhuri said here.
This is part of Rs 12,000 crore infusion plan approved by the finance ministry recently. The Cabinet is likely to consider the same during this week.
Asked if the bank is considering rights issue, he said: “Not currently.”
Last fiscal, the government had infused Rs 7,900 crore in SBI to increase the Tier-I capital of the country's largest bank. pti