SBI to allot shares to government for capital infusion

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Mumbai | Updated: October 29, 2016 8:37:19 PM

Country's largest lender SBI today said it will issue equity shares on preferential basis to the government for capital infusion of Rs 5,681 crore.

Country's largest lender SBI today said it will issue equity shares on preferential basis to the government for capital infusion of Rs 5,681 crore. (Representational Image)Country’s largest lender SBI today said it will issue equity shares on preferential basis to the government for capital infusion of Rs 5,681 crore. (Representational Image)

Country’s largest lender SBI today said it will issue equity shares on preferential basis to the government for capital infusion of Rs 5,681 crore.

Pursuant to the in-principle approval from government, the central board of directors of the bank today decided to offer and issue shares to the government, SBI said in a BSE filing.

“…to create, offer and issue equity shares… by way of preferential issue to the government, not exceeding Rs 5,681 crore, subject to the approval of the government and the RBI,” it added.

The bank has also sought approval from government and RBI to increase the issued capital by raising additional equity share capital up to Rs 5,681 crore by way of preferential issue to the government, the filing said.

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