The Hindu Business Line : SBI rights issue date, share ratio soon

State Bank of India, the country’s largest commercial bank, will finalise by mid-January the date and the share entitlement ratio for its planned rights issue, its Chairman, Mr O.P. Bhatt, has said.

SBI is looking to mobilise about Rs 16,700 crore through a rights issue before March end to fund business growth and meet Basel-II norms.

The Centre, which has a 59.73 per cent stake in the bank, had in November given its nod for the issue and decided to invest Rs 10,000 crore in the offering by issuing bonds to SBI. “Date of the rights issue and the ratio in which shares would be given would be decided by the middle of this month,” Mr Bhatt told reporters on the sidelines of the meeting of the chief executives of public sector banks with the Finance Minister, Mr P. Chidambaram, here today.

Mr Bhatt added that interest rates in the economy looked stable in the near term even as he pointed out that there was downward pressure on rates.

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