₹25K cr SBI QIP draws bids worth ₹1 trn; LIC, domestic MFs lead charge

LIC bids over Rs 5,000 crore in SBI's Rs 25,000 crore QIP, joined by major MFs and FPIs; fundraise to boost capital adequacy by 60 bps with 3.47% equity dilution

State Bank of India (SBI), the country’s largest lender, attracted bids worth nearly ₹1 trillion for its ₹25,000 crore ($2.9 billion) qualified institutional placement (QIP), with local institutions leading the charge, according to people in the know.

 

Sources said Life Insurance Corporation (LIC) of India placed bids worth over ₹5,000 crore, while domestic mutual funds (MFs), such as SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF, and HDFC Bank, bid for over ₹1,500 crore each. About half a dozen foreign portfolio investors (FPIs), including Singapore’s GIC and Capital International, also participated in the QIP.

 

These financial institutions couldn’t