SBI May Issue Rs 25,000-Crore QIP At 2-3% Discount To Market Price
The largest QIP in the Indian market is expected to be priced near market levels with a potential discount of up to 3%, one person said.
India's largest lender State Bank of India is likely to launch its Rs 25,000-crore qualified institutional placement at 2–3% discount to the current market price, two people involved in the transaction told NDTV Profit.
The largest QIP in the Indian market is expected to be priced near market levels with a potential discount of up to 3%, one person said. Currently, shares of SBI are trading at Rs 819.15 apiece on the National Stock Exchange.
Life Insurance Corporation of India is said to be the biggest anchor investor and domestic mutual funds are also seen bidding in SBI's QIP.
This QIP, which may be launched any moment from here, aims to strengthen SBI's capital base, support robust loan growth and meet regulatory requirements.
The public sector bank had issued its last QIP at 1% discount. In June 2017, SBI had raised Rs 15,000 crore via QIP at an issue price of Rs 287.25 per share.
Citigroup, HSBC, ICICI Securities, Kotak Investment Banking, Morgan Stanley, and SBI Capital Markets are the lead managers for this issue.
