SBI to raise Rs 3,000 cr by March '13

The State Bank of India (SBI) on Monday 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 March 31,” SBI Chairman Pratip Chaudhuri said.

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.”

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