State Bank of Travancore (SBT) has plans to raise funds via rights issue.
In a statement to the Bombay Stock Exchange (BSE) today, the bank said that its board would meet next week on 28 December to consider the rights issue to its shareholders.
Earlier this month, reports suggested that the bank was looking to raise around Rs 500-700 crore via righs issue which would be used to fund credit growth and improve capital to risk weighted assets ratio (CRAR) under Basel III.
The parent State Bank of India owns 75 per cent stake in SBT.
On the Bombay Stock Exchange, the shares of the bank were trading at Rs 812.60, up 3.24 per cent at 1512 IST.
