Business Daily from THE HINDU group of publications
Thursday, Mar 20, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Mar 20, 2008 ePaper | Mobile/PDA Version |
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Markets
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Rights Issue Money & Banking - Public Sector Banks
Our Bureau Mumbai, March 19 The rights issue of State Bank of India was oversubscribed, said a senior official from the bank. This is based on provisional data, as the bank is still in the process of collating detailed information. According to the official, the amount collected through the issue, which closed on Tuesday, is about Rs 600-700 crore more Rs 16,736.31 crore the bank had hoped to raise. The issue opened for subscription on February 18. SBI had priced the shares for the rights issue at Rs 1,590 per share. This was at a discount of about 35 per cent to SBI’s market price at that time. But due to the general downturn in the stock market, SBI share was trading close to the price of the rights issue. The retail portion of the issue is about Rs 1,000 crore. The bank had received about 60 per cent of the subscription three to four days back, the official said. It is likely that the entire retail portion was fully subscribed in the last two days, he said. Data has to be collated from 220 branches of SBI, which were the collecting centres for the issue, the official added. More Stories on : Rights Issue | Public Sector Banks | State Bank of India
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