SBI gains after seeking shareholders' approval for fund raising

State Bank of India rose 1.3% to Rs 230.25 at 11:45 IST on BSE after the bank scheduled a meeting of its committee of directors for seeking umbrella approval of the shareholders for raising equity capital in the domestic or overseas markets.

The announcement was made after market hours yesterday, 16 December 2015.

Meanwhile, the S&P BSE Sensex was up 6.44 points or 0.03% at 25,500.81

On BSE, so far 5.56 lakh shares were traded in the counter as against average daily volume of 11.46 lakh shares in the past one quarter.

The stock hit a high of Rs 232.50 and a low of Rs 228.95 so far during the day. The stock had hit a 52-week high of Rs 335.90 on 28 January 2015. The stock had hit a 52-week low of Rs 220.60 on 7 September 2015.

The stock had underperformed the market over the past one month till 16 December 2015, sliding 8.33% compared with Sensex's 1.03% fall. The scrip had also underperformed the market in past one quarter, declining 3.95% as against Sensex's 1.81% fall.

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

State Bank of India (SBI) announced that a meeting of its committee of directors is scheduled on 21 December 2015 for seeking umbrella approval of the shareholders of the bank for a period of one year for raising equity capital in the domestic or overseas markets and also for mopping up additional non-equity capital by way of bonds denominated either in dollars or rupees.

State Bank of India (SBI)'s net profit rose 25.1% to Rs 3879.07 crore on 12% growth in total income to Rs 46854.81 crore in Q2 September 2015 over Q2 September 2014.

The Government of India held 60.18% stake in State Bank of India (as per the shareholding pattern as on 30 September 2015).

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