SBI gains after raising funds via QIP issue

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State Bank of India rose 1.25% to Rs 1,536.50 at 9:26 IST on BSE after the bank said it raised Rs 8031.64 crore by selling shares through qualified institutional placement.

The bank made the announcement after market hours on Thursday, 30 January 2014.

Meanwhile, the BSE Sensex was up 46.58 points, or 0.23%, to 20,544.83.

On BSE, so far 20,000 shares were traded in the counter, compared with an average volume of 3 lakh shares in the past one quarter.

The stock hit a high of Rs 1,537 and a low of Rs 1,525 so far during the day. The stock hit a 52-week high of Rs 2,469.25 on 20 May 2013. The stock hit a 52-week low of Rs 1,452.90 on 28 August 2013.

The stock had underperformed the market over the past one month till 30 January 2014, sliding 13.94% compared with the Sensex's 3.05% fall. The scrip had also underperformed the market in past one quarter, falling 11.82% as against Sensex's 2.55% fall.

The large-cap company has an equity capital of Rs 695.25 crore. Face value per share is Rs 10.

State Bank of India (SBI) said it sold 5.13 crore shares at an average price Rs 1,565 per share, which is at a discount of 3.95% to the floor price of Rs 1,629.35, as calculated in terms of Sebi ICDR Regulations.

SBI's net profit fell 35.1% to Rs 2375.01 crore on 12.9% increase in total income to Rs 37,199.92 crore in Q2 September 2013 over Q2 September 2012.

The Government of India (GoI) holds 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).

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