State Bank of Travancore plans raising capital of Rs 629 crore

State Bank of Travancore on Wednesday approved to raise equity capital up to Rs 629 by issuing new shares on rights basis.

"Approved in principle for increasing the equity capital of the bank by way of issue of new shares on rights basis including share premium not exceeding Rs 629 crore," it said in a regulatory filing to the BSE.

Also the bank, an associate of State Bank of India (SBI), approved to allot preferential shares up to Rs 385 crore to SBI.

"Approved to undertake preferential allotment not exceeding Rs 385 crore to State Bank of India for equity shares of face value of Rs 10 each along with share premium subject to receiving the shareholders' approval and any other required statutory approvals," it said.

Further, in its board meeting, SBT also declared an interim dividend of Rs 2.50 per share of its shareholders for the year 2013-14.

"The date of payment of interim dividend is fixed as the April 22, 2014," it added.

Shares in SBT, on Wednesday, ended at Rs 419.40 apiece on the BSE, up 3.97 per cent from the previous close.