 "State Bank of India to raise up to $1.5 bn via share sale")
MUMBAI: State Bank of India, the country’s largest lender, will raise up to Rs 9576 crore ($1.53 billion) through a share sale to institutional investors or a follow-on public offer, it said in a statement late on Friday.
It plans to raise another Rs 2000 crore through sale of shares to the government on a preferential basis.
SBI posted its steepest quarterly profit fall in more than two years in the three months to September as non-performing loans increased, putting pressure on the lender to raise funds quickly.
Chairwoman Arundhati Bhattacharya said earlier that the bank plans to raise the funds, including Rs 50 billion through bonds, before March 31.
Reuters
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