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SBI stock rallies after Rs 7000 crore QIP

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SBI stock rallies after Rs 7000 crore QIP
Shares in India's largest bank, State Bank of India rallied more than 1 per cent, after the bank was able to push through a successful QIP.

The State Bank of India stock was last trading 1.2 per cent higher at Rs 1534.

 

According to PTI reports State Bank of India has raised over Rs. 7,000 crore in a mega share sale programme launched through a qualified institutional placement, largely aided by the LIC.

PTI quoted sources as saying that the bank has completely met its capital needs for this fiscal as well as the next fiscal, with this issue.
The bank which has the board mandate to raise up to Rs. 9,500 crore, also has the option to raise the same in multiple tranches.

On the role of LIC in the bids, the source said the Corporation has put in the maximum bid in the current share sale programme, but noted that LIC has been one of its largest investors.

Though the bank has set the floor price at an upper limit of Rs. 1,629.35 and a lower limit of Rs. 1565, most of the bids were in the lower limit only.

Merchant bankers to the issue are SBI Caps, Citi, Deustche, Bank of America Merrill Lynch, HSBC, JP Morgan, and UBS.

With inputs from PTI

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