 "SBI nears record high on fund raising plan")
State Bank of India (SBI) is trading higher by 2% at Rs 335, its highest level since November 2010 on BSE, after the country’s largest state-owned lender said that its committee of directors on capital has permitted it to raise up to Rs 15,000 crore in a share sale to support loan growth and meet capital adequacy requirements.
The stock is 5% away from its record high of Rs 352 touched on November 8, 2010 during intra-day deal on BSE.
SBI said, it will seek shareholders approval for plans for raising capital through a public issue or rights offering or private placement. The bank may also use the global depository receipt (GDR) and American depository receipt (ADR) route to raise money.
“The general meeting of the shareholders will be held on Thursday, February 26, 2015 to take approval,” SBI said in a BSE filing.
The stock is 5% away from its record high of Rs 352 touched on November 8, 2010 during intra-day deal on BSE.
SBI said, it will seek shareholders approval for plans for raising capital through a public issue or rights offering or private placement. The bank may also use the global depository receipt (GDR) and American depository receipt (ADR) route to raise money.
“The general meeting of the shareholders will be held on Thursday, February 26, 2015 to take approval,” SBI said in a BSE filing.
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