Board of SBI approves preferential issue of share to Government of India

At meeting held on 10 February 2015

State Bank of India announced that pursuant to the in-principle approval received from the Government of India, the Central Board of the Bank in its meeting held on 10 February 2015, has decided:-

1. to create, offer and issue equity shares of Rs. 1 each, ranking pari-passu with the existing equity shares of the Bank in all respect including payment of dividend, by way of Preferential Issue to the Gol, not exceeding Rs. 2970 crore (Rupees two thousand nine hundred and seventy crore), subject to the approval of the Government of India and the Reserve Bank of India under Section 5 (2) of the State Bank of India Act, 1955.

2. to seek approval of Gol & RBI under Section 5(2) of the State Bank of India Act, 1955 to increase the issued capital by raising additional equity share capital upto Rs. 2970 crore (Rupees two thousand nine hundred and seventy crore) by way of Preferential Issue to GoI.

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