Friday, January 31, 2014

State Bank of India raises Rs 8,032 cr in country's biggest qualified institutional placement QIP issue

The State owned , largest bank of India, SBI has raised Rs 8,032 crore by selling shares through qualified institutional placement, making it the biggest ever equity sale by  this route.

B ank sold 5.13 crore shares at an average price Rs 1,565 per share.

 Price band, determined by the pricing formula of market regulator Sebi, was fixed at the upper band of Rs 1,629.35 -- around 2 percent premium on Tuesday's closing price of Rs 1,595.95 a apiece.

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