SBI to raise up to $1.5 billion via share sale

Last Updated: Monday, December 2, 2013 - 12:20

Mumbai: State Bank of India, the country`s largest lender, will raise up to 95.76 billion rupees through a share sale to institutional investors or a follow-on public offer, it said in a statement late on Friday.

It plans to raise another 20 billion rupees through sale of shares to the government on a preferential basis.

SBI posted its steepest quarterly profit fall in more than two years in the three months to September as non-performing loans increased, putting pressure on the lender to raise funds quickly.

Chairwoman Arundhati Bhattacharya said earlier that the bank plans to raise the funds, including 50 billion rupees through bonds, before March 31.

Reuters
First Published: Monday, December 2, 2013 - 12:20

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