The Hindu Business Line : SBI to raise $700 m tier-II capital by March

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New Delhi Feb. 5 State Bank of India (SBI), the country's largest commercial bank, plans to raise up to $700 million of Tier-II capital before the end of the current fiscal, its Chairman, Mr O.P. Bhatt has said.

"It will be a mix including long term debt. We can go up to $700 million and it would be done by this fiscal," Mr Bhatt told reporters here.

SBI also plans to tap the capital market with an equity offering next fiscal, wherein existing shareholders may also get an opportunity to participate. Mr Bhatt said that SBI would be keen to dilute Government holding in the bank to 51 per cent only in stages and not at one go even if legislative approvals are received.

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