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SBI gets shareholders' nod to raise up to Rs 200 bn through sale of shares

Press Trust of India/New Delhi 07 Dec 18 | 05:15 PM

State Bank of India is an Indian multinational, public sector banking and financial services company | Photo: Shutterstock

The State Bank of India Friday said it has received shareholders' approval to raise up to Rs 200 billion through the sale of shares.

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The country's largest lender held a general meeting of its shareholders in Mumbai to seek approval for the business as a special resolution, it said in a regulatory filing.

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Shareholders' approval was sought "to create, offer, issue and allot such number of equity shares for an amount not exceeding Rs 200 billion...by way of public issue (i.e. follow on public offer) or private placement, including QIP/GDR/ADR and/or any other mode or a combination(s) thereof, as may be decided by the board," the bank said.

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SBI shares closed 0.13 per cent down at Rs 275.40 on the BSE.

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