SBI sets price for issuing shares to govt

of India (SBI), the country's top lender, will issue shares to the government at Rs 2,191.69 a piece to raise about Rs 7,900 crore, the state-run lender said on Thursday.

shares closed up 0.2% at Rs 2,260 ahead of the news.

The government is injecting funds into SBI by subscribing to its shares as part of a move to shore up the capital base of state-run banks eroded by fast growth and worsening asset quality.

SBI, which holds about a quarter of the country's loans and deposits, was downgraded by Moody's Investors Service in October last year because of its thin capital base and worsening asset quality.

image
Business Standard
177 22
Business Standard

SBI sets price for issuing shares to govt

Reuters  |  New Delhi 

of India (SBI), the country's top lender, will issue shares to the government at Rs 2,191.69 a piece to raise about Rs 7,900 crore, the state-run lender said on Thursday.

shares closed up 0.2% at Rs 2,260 ahead of the news.

The government is injecting funds into SBI by subscribing to its shares as part of a move to shore up the capital base of state-run banks eroded by fast growth and worsening asset quality.

SBI, which holds about a quarter of the country's loans and deposits, was downgraded by Moody's Investors Service in October last year because of its thin capital base and worsening asset quality.

RECOMMENDED FOR YOU

SBI sets price for issuing shares to govt

State Bank of India (SBI), the country's top lender, will issue shares to the government at Rs 2,191.69 a piece to raise about Rs 7,900 crore, the state-run lender said on Thursday.

of India (SBI), the country's top lender, will issue shares to the government at Rs 2,191.69 a piece to raise about Rs 7,900 crore, the state-run lender said on Thursday.

shares closed up 0.2% at Rs 2,260 ahead of the news.

The government is injecting funds into SBI by subscribing to its shares as part of a move to shore up the capital base of state-run banks eroded by fast growth and worsening asset quality.

SBI, which holds about a quarter of the country's loans and deposits, was downgraded by Moody's Investors Service in October last year because of its thin capital base and worsening asset quality.

image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine
Advertisement

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard