Sbbj Issue Opens On November 20

State Bank of Bikaner and Jaipur's (SBBJ) Rs 65.94 crore equity issue is opening on November 20 and closes on November 27.

The minimum application size is 5 shares which would involve an investment of Rs 2,700 at the rate of Rs 540 per share.

The face value of the share is Rs 100. The shares will be listed at the Jaipur and Bombay stock exchanges, in addition to National Stock Exchange.

There will be a maximum allotment of 200 shares for individuals and employees in tune with Section 19(1) of the SBI (subsidiary Banks) Act, 1959.

However this restriction is not applicable to corporations i.e. those incorporated under Company's Act 1956, which includes any body incorporated under any statute of Parliament, overseas commercial bodies, foreign institutional investors incorporated as body corporates and asset management companies.

 

The SBI Act also states, " No person shall be registered as a share holder in respect of any shares in a subsidiary bank held by him, whether in his own name or jointly with any other person in excess of 200 shares or be entitled to payment of any dividend on excess shares held by him, or to exercise any of the rights of a shareholder in respect of such excess shares other than for the purpose of selling them."

K R Maheswari, managing director, SBBJ, said that the premium being charged by the bank was on the lower side when compared to other bank issues.