Country’s largest lender SBI today said it will issue over 19.6 crore shares on preferential basis at a price of Rs 274.37 per share to the government for raising Rs 5,393 crore capital.
The bank in a filing to the BSE said that its committee of directors for capital raising accorded approval to fix the “issue price at Rs 274.37 per share of face value of Re.1 each”.
The bank will issue 19,65,59,390 equity shares on a preferential basis to the government for capital infusion of Rs 5,393 crore.
It further said price for preferential issue has been arrived at in accordance with the SEBI regulations, 2009, taking into consideration the August 25, 2015 as the relevant date.
Last month, finance ministry had said the government will infuse Rs 20,088 crore into 13 PSU banks within a month’s time.