SBI board to consider raising capital on 15 July

The central board of State Bank of India (SBI) will meet on 15 July to consider raising capital via Basel III compliant debt instrument in USD and/or INR during FY21.

Shares of SBI fell 1.68% to Rs 195.75 amid profit taking. The stock rose 7.77% in four sessions to end at Rs 199.10 yesterday, from its recent closing low of Rs 184.75 recorded on 3 July 2020.

In an exchange filing made during market hours today, SBI informed that the meeting of the board of directors of the company is scheduled on 15 July 2020 to consider raising Additional Tier 1 (AT 1) and Tier 2 capital by way of issuance of Basel III compliant debt instrument in USD and/or INR during FY21.

On a standalone basis, SBI's net profit surged 327.1% to Rs 3,580.81 crore on a 4.1% rise in total income to Rs 78,758.85 crore in Q4 March 2020 over Q4 March 2020.

SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2020, the Government of India holds 57.03% stake in the bank.

Powered by Capital Market - Live News