The Hindu Business Line : SBI associates to raise Rs 3,000 cr

The associate banks of State Bank of India are expected to raise Rs 3,000 crore in the next two to three years inclusive of Tier-I and Tier-II capital, said Mr Y. Vijayanand, Deputy Managing Director and Group Executive (Associate and Subsidiaries), State Bank of India. The fund-raising programmes would be done through either rights or equity or a combination of both, in Tier I and Tier II structures, although SBI will continue to hold majority stake, he said.When asked whether these banks were trying to sell off bad debts in the market, Mr Vijayanand said, ``Sale of assets to asset reconstruction companies was a normal phenomenon. We are selling in States where the stamp duty and other regulations are in our favour.''

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