You are here: Home » Reuters » News
Business Standard

SBI approves plan to raise up to $2.3 billion in capital

Reuters  |  MUMBAI 

(Reuters) - of (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.

In January, Chairman Arundhati Bhattacharya told the could tap capital markets next fiscal year to raise up to $1.5 billion.

Ratings agency Fitch estimates India's banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.

last sold shares in January 2014 to raise $1.2 billion.

On Wednesday, also decided to inject 11.6 billion rupees into two credit card joint ventures companies - Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement.

($1 = 65.6300 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

SBI approves plan to raise up to $2.3 billion in capital

MUMBAI (Reuters) - State Bank of India (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.

(Reuters) - of (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.

In January, Chairman Arundhati Bhattacharya told the could tap capital markets next fiscal year to raise up to $1.5 billion.

Ratings agency Fitch estimates India's banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.

last sold shares in January 2014 to raise $1.2 billion.

On Wednesday, also decided to inject 11.6 billion rupees into two credit card joint ventures companies - Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement.

($1 = 65.6300 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

SBI approves plan to raise up to $2.3 billion in capital

(Reuters) - of (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.

In January, Chairman Arundhati Bhattacharya told the could tap capital markets next fiscal year to raise up to $1.5 billion.

Ratings agency Fitch estimates India's banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.

last sold shares in January 2014 to raise $1.2 billion.

On Wednesday, also decided to inject 11.6 billion rupees into two credit card joint ventures companies - Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement.

($1 = 65.6300 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Mark Potter)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22