State Bank of India Ltd. will not offer any discount for its Rs 15,000 crore qualified institutional placement, said an investment banker aware of the transaction, on terms of anonymity to BloombergQuint. The offer has been subscribed three to four times, he added.
Life Insurance Corporation of India has placed orders for 50 percent of the total issue size, but is unlikely to be allotted the entire bid amount. Bankers managing the deal have recommended 25 percent of the shares on offer to be allotted to the life insurer, added the official quoted above.
India's largest public sector lender had offered up to 54.4 crore shares to institutional investors in a price band of Rs 275.76-287.25 per share.
SBI has picked Bank of America Merrill Lynch, Deutsche Bank AG., IIFL, JM Financial, Kotak Institutional Equities, and SBI Capital Markets as book running lead managers to the issue, according to the term sheet.
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