State Bank of India has successfully raised Rs 25,000 crore via Qualified Institutional Placement. The bank issued a total of 30.59 crore fully paid-up equity shares at a price of Rs 817 per equity share.
The issue was opened for Qualified Institutional Buyers on July 16 and closed on July 21, receiving a 100 per cent subscription. The top subscribers included Life Insurance Corporation of India, HDFC Life Insurance, and Quant Mutual Fund.
LIC invests Rs 5,000 crore
LIC has emerged as the biggest investor in the State Bank’s Qualified Placement. The biggest insurer in the country bought 6.11 crore shares, worth about Rs 5000 crore. With the latest investment, LIC’s stake in State Bank has increased to 9.49 per cent.
Major investors: HDFC, Quant MF
HDFC Group companies like HDFC Life and HDFC Mutual Fund are among the other big subscribers in State Bank’s QIP. HDFC Life Insurance has brought 1.83 crore shares for Rs 15,00 crore. HDFC Mutual Fund and HDFC Trustee Company bought 1.59 crore shares, worth about Rs 1,300 crore.
French investment firm, Societe Generale-ODI, subscribed to 3.17 crore equity shares of SBI in the QIP. The total investment of the Foreign Portfolio investors in the latest purchase stood at about Rs 2,592 crore.
Quant Mutual Fund is the third largest buyer of the shares of State Bank of India in the Qualified Institutional Placement. The company bought 1.55 crore shares for Rs 1,270 crore.
SBI Q1FY26 results
All eyes are now on the Q!FY26 performance of State Bank of India. The public sector bank is set to announce its numbers in July-end.
SBI gets Moody’s upgrade
Meanwhile, Moody’s Ratings (Moody’s) has affirmed State Bank of India’s (SBI) Baa3 long-term deposit ratings and upgraded the bank’s Baseline Credit Assessment (BCA). The upgrade of the BCA does not result in any change in the deposit ratings because the deposit ratings are already at the same level as the India sovereign rating (Baa3 stable). The affirmation of SBI’s ratings with a stable outlook reflects the bank’s large and diversified lending franchise with sound asset quality.