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SBI board to meet this week to consider Rs 88-bn fundraising from govt

The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital

Press Trust of India  |  New Delhi 

SBI, State Bank of India, state bank, bank
State Bank of India

Country's largest lender on Tuesday said its Board will meet later this week to consider a proposal to raise Rs 88 billion from the government. The bank said its Board will also consider the implementation of reforms agenda for responsive and responsible (PSBs) of the government. "The at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of the government of India to the tune of Rs 88 billion," (SBI) said in a BSE filing. The government on October 24 last year had unveiled a Rs 2.11 trillion two-year roadmap for strengthening NPA-hit PSBs, which includes re-capitalisation bonds, budgetary support and equity dilution. Shares of were trading 2.96 per cent down at Rs 288.90 per scrip on BSE.

First Published: Tue, February 06 2018. 16:09 IST
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