State Bank of Mysore board okays Rs 600 cr rights issue

Public sector lender State Bank of Mysore, an associate of SBI, today said its board has approved raising about Rs 600 crore through a rights issue.

"The board has approved to raise the capital of Rs 600 crore, including premium through rights issue to the existing shareholders," State Bank of Mysore said in a filing to the National Stock Exchange (NSE).

The meeting of board was held on October 31, the bank added.

On Friday, shares of State Bank of Mysore closed at Rs 595, up 1.24 per cent from its previous close on NSE. Trading on stock exchanges was closed today on account of 'Guru Nanak Jayanti'.

 

For the quarter ended September 30, State Bank of Mysore reported a net profit of Rs 98.64 crore, up 9.40 per cent over the same period last year.

Total income of the bank rose to Rs 958.46 crore in the latest quarter from Rs 823.82 crore in the same period last fiscal.