SBI gains after board's approval for raising long term funds

State Bank of India rose 0.79% to Rs 218 at 14:25 IST on BSE after the bank said that the Executive Committee of the Central Board approved to raise long term funds up to $1.5 billion.

The announcement was made during market hours today, 29 June 2016.

Meanwhile, the S&P BSE Sensex was up 196.59 points or 0.74% at 26,721.14.

On BSE, so far 10.75 lakh shares were traded in the counter as against average daily volume of 27.54 lakh shares in the past one quarter. The stock hit a high of Rs 218.70 and a low of Rs 216.20 so far during the day. The stock had hit a 52-week high of Rs 291.85 on 5 August 2015. The stock had hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had outperformed the market over the past one month till 28 June 2016, gaining 10.61% compared with Sensex's 0.48% fall. The scrip had also outperformed the market in past one quarter, gaining 14.78% as against Sensex's 6.24% gains.

The large-cap bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.

State Bank of India (SBI) said that the Executive Committee of the Central Board in its meeting held today, 29 June 2016, approved to raise long term funds up to $1.5 billion in single/multiple tranches through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during the year ended 31 March 2017 (FY 2017).

SBI's net profit fell 66.2% to Rs 1263.81 crore on 10.1% increase in total income to Rs 53526.97 crore in Q4 March 2016 over Q4 March 2015.

SBI is India's biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 31 March 2016).

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