SBI's Rs 25,000 Crore QIP Spurs Business Growth
The State Bank of India (SBI) raised Rs 25,000 crore through a Qualified Institutional Placement (QIP) to boost business growth. The bank allocated shares at a premium price, with Life Insurance Corporation increasing its stake. SBI also plans to raise funds via bonds for upcoming business objectives.
- Country:
- India
The State Bank of India (SBI) announced a successful capital raise of Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund its business expansion strategies.
Approved by the committee of directors, this move marks a significant step as SBI allocated over 30 million equity shares at Rs 817 each, realizing a considerable premium.
In a related development, Life Insurance Corporation (LIC) increased its shareholding in SBI. Concurrently, SBI plans an additional Rs 20,000 crore raise via tier 1 and tier 2 bonds.
(With inputs from agencies.)
Advertisement
ALSO READ
Andhra Pradesh's New Population Policy: Balancing Growth with Economic Strength
Police Foil Terror Attack in Khyber Pakhtunkhwa
Cyber Police Crackdown on Fake News About Kanwar Yatra
Pharma Firms' Licenses Cancelled in Drug Misuse Crackdown
Chennai Police Denies Threat to Manager Amidst Suicide Probe
Google News