State Bank of Mysore to raise Rs 700 crore

State Bank of Mysore (SBM), the Bangalore-based associate bank of State Bank of India, is planning to raise Rs 600 crore through a rights issue. The bank’s board, which met here on Saturday, approved the proposal.

However, the premium, the size and the ratio of the issue is yet to be decided. The issue is likely to be floated in the fourth quarter of this fiscal.