India`s biggest lender, State Bank of India (SBI) announced the central board of the bank today (Monday) decided to raise an aggregate amount of Rs 167,363.1 million including premium by way of Rights issue offer to government of India and to other eligible existing shareholders including GDR holders.
The board also approved to increase the issued capital of bank from Rs 5,263 million to Rs 6,500 million, in terms of Sec. 5 (2) of the SBI Act and to issue shares to employees of the bank under Employees Stock Purchase Scheme.
Further the board fixed the ratio for Rights issue at 1 share for every 5 shares held by the eligible shareholders as on the Record Date and price for Rights issue has been fixed at Rs 1,590 a share i.e. face value of Rs 10 each and a premium of Rs 1,580 a share.
Shares of the company gained Rs 30.75, or 1.26%, to trade at Rs 2,468. The total volume of shares traded was 332,133 at the BSE. (1.15 p.m., Monday)
Monday, January 14, 2008
SBI board okays Rs 167.36 bn Right Issue; shares climb
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