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SBI sets price for issuing shares to govt

Read more on:    Sbi | Govt | State Bank
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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.

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