SBI raises over Rs 7,000 crore in share sale via QIP

Updated: Jan 31 2014, 09:55am hrs
The State Bank of India has raised over R7,000 crore in a mega share-sale programme launched through a qualified institutional placement, largely aided by the LIC. The bank has reportedly completely met its capital needs for this fiscal as well as the next fiscal, with this issue. The QIP was launched on Tuesday and is one of the largest share sales by the bank in the recent past. Though the bank set the floor price at an upper limit of R1,629.35 and a lower limit of R1,565, most of the bids were in the lower limit only.