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State Bank of India will raise ₹8,800 crore through preferential allotment of 29.253 crore shares to the government at ₹300.82 a share. In a notice to the stock exchanges, SBI said the fund-raising exercise is part of the government’s recapitalisation programme, aggregating to ₹2.11 lakh crore, of State-owned banks.
In an another statement, SBI said it does not have any direct exposure to Nirav Modi (accused in the Punjab National Bank fraud), but only marginal exposure with PNB.
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