State Bank of India successfully closed its qualified institutional placement and raised over Rs 25,000 crore from institutional investors, the lender said in an exchange filing.
The committee of directors, which met on Monday, approved the allocation of approximately 30.6 crore equity shares at Rs 817 apiece, including a premium of Rs 816 over the face value of Re 1.
The QIP, which opened last Wednesday, saw strong participation from eligible qualified institutional buyers and was officially closed on Monday after full subscription. This marked the biggest QIP in the Indian market ever.
The board also approved the placement document and issued confirmation of allocation notes to participating investors. The document will be filed with the BSE and NSE.
This fundraise marks a major step in SBI's capital augmentation strategy and is expected to support the bank's growth plans. The last time SBI tapped the market for equity was in June 2021, when it raised Rs 15,000 crore through a QIP.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
