The country?s largest government bank, State Bank of India (SBI), plans to hit the capital market by the end of this calendar year. ?Within a week or two after the SBI Act is amended we will be able to clearly decide on the capital-raising plans, it’s chairman, OP Bhatt said . He added that he wish to come out with the follow-on share sale by December.
SBI has announced earlier that it will require about Rs 15000 crore capital during this financial year, of which, it has already raised Rs 2600 crore in upper tier II from the domestic market and $225 million in tier I capital from overseas. As far as applications of these funds are concerned he said that Rs 5000 crore will be for meeting operational risk requirements under the Basel II requirements.
