SBI preferential allotment issue priced at Rs2,312 per share
Moneylife Digital Team 25 February 2013

SBI said the infusion of Rs3,004 crore from the government would enable it to support its national and international banking operations through its subsidiaries and associates

State Bank of India on Monday said it fixed issue price at Rs2,312.78 per share for preferential allotment to the government for raising about Rs3,004 crore as part of its capital infusion plan for FY13.

 

In a filing with the BSE, the state run lender said the infusion will enable it to support national and international banking operations through its subsidiaries and associates.

 

"The executive committee of central board of the bank has fixed issue price at Rs2,312.78 per share including a premium of Rs2,302.78 per share, for the preferential allotment of equity shares to the government," it said.

 

On 23rd February, the board of SBI approved infusion of capital funds in the bank of Rs3,004 crore during 2012-13, the filing said.

 

During FY12, the government had infused Rs7,900 crore in SBI to increase the Tier-I capital of the country's largest bank. Following the infusion in March 2012, the government holding in SBI rose to 61.58% from 59.4%.

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