SBI gains on preferential allotment plan

The announcement was made before trading hours today, 25 February 2013.

Meanwhile, the S&P BSE Sensex was up 24.17 points, or 0.13%, to 19,341.18.

On BSE, 7,975 shares were traded in the counter as against an average daily volume of 3.55 lakh shares in the past one quarter.

The stock hit a high of Rs 2,218 and a low of Rs 2,205.20 so far during the day. The stock had hit a 52-week high of Rs 2,550 on 10 January 2013. The stock had hit a 52-week low of Rs 1,804.50 on 16 May 2012.

The stock had underperformed the market over the past one month till 22 February 2013, falling 10.87% compared with the Sensex's 3.33% fall. The scrip had, however, outperformed the market in past one quarter, rising 4.61% as against Sensex's 4.32% rise.

The large-cap bank has an equity capital of Rs 671.04 crore. Face value per share is Rs 10.

State Bank of India (SBI) before trading hours today, 25 February 2013, said that the Executive Committee of Central Board (ECCB) of the bank at its meeting held on Saturday, 23 February 2013, has approved preferential allotment of equity shares to the Government of India (GoI) to the tune of up to Rs 3004 crore to enable the bank to support national and international banking operations undertaken through its Subsidiaries and Associates. The preferential issue has been priced at Rs 2,312.78 per share.

SBI's net profit rose 4.07% to Rs 3396.06 crore on 14.11% growth in total income to Rs 33992.11 crore in Q3 December 2012 over Q3 December 2011.

SBI is India's biggest commercial bank in terms of branch network. The Government of India (GoI) currently holds 61.58% stake in SBI (as per the shareholding pattern as on 31 December 2012).

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