Money & Banking

SBI to seek shareholder nod for raising equity capital

Our Bureau Mumbai | Updated on January 22, 2018 Published on December 16, 2015

Board to meet on December 21 to discuss modalities

State Bank of India on Wednesday said a meeting of its Committee of Directors is scheduled on December 21 to discuss the modalities of raising equity capital, either in the domestic or overseas markets or both, and also for mopping up additional non-equity capital by way of bonds denominated either in dollars or rupees.

In a notice to the BSE, India’s largest bank said the meeting will authorise the chairman to fix the date, time and venue of a shareholders’ meeting, to be convened at an appropriate time, seeking umbrella approval for one year to raise (equity) capital.

The capital will be raised by way of preferential issue/qualified institutional placement/ follow-on public offer/rights issue/Global Depository Receipt/American Depository Receipt and/or any other mode(s) or a combination(s) thereof, as may be approved by the Centre and the Reserve Bank of India.

Non-equity capital too

The meeting will also examine the status and decide on requirements of raising additional non-equity capital by way of Additional Tier-I and/or Tier II bonds in dollar/rupee, considered as regulatory capital under Basel III guidelines, to be issued to Indian and/or overseas investors, in one or more tranches, through a public offer and/or private placement.

Published on December 16, 2015
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