SBI almost flat after board meeting

State Bank of India fell 0.50% to Rs 259.55 at 15:25 IST on BSE after the bank said its board approved raising tier-ll bonds and enabling resolution for raising equity capital.

The announcement was made during trading hours today, 22 October 2018.

Meanwhile, the S&P BSE Sensex was down 169.35 points, or 0.49% to 34,146.28.

On the BSE, 34.88 lakh shares were traded in the counter so far compared with average daily volumes of 20.88 lakh shares in the past two weeks. The stock had hit a high of Rs 266.50 and a low of Rs 259.05 so far during the day.

State Bank of India (SBI) said its board accorded approval to raise Basel lll compliant Tier 2 bonds upto Rs 5000 crore in USD/INR to overseas and/or lndian investors during FY2019, through a public offer/private placement.

Further, the board also approved to raise equity capital upto an amount of Rs 20,000 crore during FY2019 from the market by way of FPO/QlP/preferential allotment/rights issue/any other mode or a combination of these, to be decided at the opportune time subject to the approval of shareholders, Reserve Bank of lndia, Sebi and Government of lndia.

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