SBI fixes preferential issue price at Rs 2,191

Here is the announcement that the bank made on the BSE website:

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State Bank of India has informed BSE that Executive Committee of Central Board (ECCB) of the Bank at its meeting held on 31 January, 2012, had accorded. its approval under section 5(2) of the SBI Act, to increase the issued capital of the Bank by way of preferential allotment of equity shares to Government of India (“GoI”) of such number of equity shares of Rs.10 each for cash at a price to be determined by the ECCB in accordance with the SE8I (Issue of Capital and Disclosure Requirements) Regulations 2009, aggregating to the extent of approximately Rs.7900 crore (including premium).

In this connection, based on the floor price of Rs. 2,191.69 per share determined on the relevant date of February 17, 2012, in accordance with the SEBI (ICDR) Regulations, 2009, the ECCB of the Bank, in its Meeting held on February 23, 2012 has fixed the Issue Price at Rs.2,191.69 (Rs. Two Thousands One Hundred Ninety-one and paise Sixty-nine Only) per share of face value of Rs.10/-, including a premium of Rs. 2,181.69 per share, for the above preferential allotment of equity shares to GoI.

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