State Bank of Travancore's Rs 474 Crore Rights Issue to Open on March 17

New Delhi: State Bank of Travancore's Rs 474 crore rights issue will open on March 17 and funds garnered through the issue will be utilised towards increasing the capital base.. . The issue will close on March 31 this year, according to information available with the capital markets regulator Securities and Exchange Board of India (Sebi).. . In the rights issue, shares are issued to existing investors based on their holdings at a pre-determined price and ratio.. . State Bank of Travancore (SBT) is a subsidiary of country's largest lender State Bank of India (SBI).. . The issue seeks to mobilise Rs 474.03 crore consisting of over 1.18 crore equity shares of face value of Rs 10 each.. . The equity shares are being offered on a rights basis to the eligible equity shareholders in the ratio of one equity shares for every five equity shares held on the record date of March 4.. . "Issue of 1,18,50,694 equity shares with a face value of Rs 10 each for cash at a price of Rs 400 including a premium of Rs 390 per equity shares aggregating to Rs 474.03 crore to the existing equity shareholders of our bank on rights basis," the bank noted.. . The bank intends to utilise the net proceeds towards augmenting capital base to meet its capital requirements, primarily loan and investment portfolio.. . The issue is being managed by BOB Capital Markets and SBI Capital Markets..

State Bank of Travancore's Rs 474 Crore Rights Issue to Open on March 17

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