SBI sets price for pref issue to govt at Rs 295.59/share

The State Bank of India (SBI), has fixed a price of Rs 295.59 per share for its preferential issue to the government to raise Rs 2,970 crore.

The executive committee of central board of the bank, in its meeting, has accorded its approval to fix the issue price at Rs 295.59  per share of face value of Re 1, including a premium of Rs  294.59 per share, and accordingly, to issue 10.04 crore equity shares, on  preferential basis to GoI, for a consideration of Rs 2,969.99 crore, subject to the approval of GoI and shareholders of the bank in terms of the Sebi ICDR Regulations, SBI said.

The price for preferential issue has been arrived at in accordance with the Sebi Regulations, 2009, taking into consideration February 20, 2015, as the relevant date.