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K.R. Srivats

New Delhi, Oct. 17 The Finance Ministry is likely to allow State Bank of India (SBI) to float a Rights Issue to mobilize anywhere between Rs 11,000 to Rs 12,000 crore to fund business growth.

“The mode of raising capital would most likely be through rights issue. The capital raising would happen this fiscal. We are in talks with the budget division on this”, official sources familiar with the situation said.

The Centre currently holds 59.73 per cent stake in SBI, which is the country’s largest commercial bank. The SBI Chairman, Mr O.P. Bhatt, had recently said that the bank was awaiting nod of the Finance Ministry for the capital raising exercise and that the mode of issue was yet to be decided. He had, however, indicated that the amount would be mobilised between November this year and January 2008.

More Stories on : Public Sector Banks | Rights Issue | Stocks | State Bank of India

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