Finance Rural Development

SBI Gets Shareholders’ Approval To Raise Up To Rs. 20,000 Crore

Lending prominent State Bank of India (SBI) on Friday said it has received shareholders’ approval to raise up to Rs. 20,000 crore.

As per the SBI, the approval for its proposal to “create, offer, issue and allot such number of equity shares of Re 1 for an amount not exceeding Rs. 20,000 crore …” was given at a general meeting of shareholders held here.

The proposal is subject to the condition that the Government of India shareholding in the equity share capital of the bank does not fall under 52 percent at any point in time.

According to a BSE regulatory filing by the bank, the amount can be raised by the way of public issue or private placement, comprising Qualified Institutions Placement (OIP), Global Depository Receipt (GDRs), American Depository Receipt (ADRs) “and or any other mode(s) or a combination(s) thereof, as may be decided by the Board”.

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