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K.R.Srivats

New Delhi, Jan. 10 The Central Board of State Bank of India (SBI) will meet on January 14 to consider for approval of the bank’s planned rights issue to mobilise about Rs 16,700 crore before end-March this fiscal.

Besides the rights issue, the Central Board is also likely to look at raising capital through employee share purchase scheme, sources familiar with the developments said.

Indications are that the Centre’s letter of formal approval to participate in the rights issue would be placed before the Board on January 14.

The Centre, which has 59.73 per cent stake in SBI, had in November given its nod for the rights issue and decided to invest Rs 10,000 crore in the offering by issuing bonds to SBI.

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

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