SBI to raise Rs 11,000 cr through QIP

State Bank of India has opened its book to raise close to Rs 11,000 crore through a qualified institutional placement.

The bank is planning to raise Rs 15,000 crore through the markets in the current fiscal.
“The committee of directors for capital raising of the central board of the bank, at its meeting held on June 5, 2017, has decided to open the issue for receiving bids in accordance with the provisions of Chapter VIII of the SEBI ICDR Regulations. The committee also approved and adopted the preliminary placement document dated June 5, 2017, in connection with the issue,” the bank informed the exchanges.

“We wish to inform that the floor price in respect of the issue, based on the pricing formula as prescribed unnder Regulation 85(1) of the SEBI ICDR Regulations is Rs 287.58 per equity share of the bank, and the relevant date for this purpose, in terms of the Regulation 81(c)(i) of the SEBI ICDR Regulations, is June 5, 2017. In accordance with the Regulation 85(1) of the SEBI ICDR Regulations, the bank may offer a discount of not more than 5% of the floor price,” SBI added.