Mar 16, 2017 03:49 PM IST | Source: Moneycontrol.com

SBI rises 1% on fund raising plan; to increase stake in credit card JV cos

The company has also received approval for infusing additional capital upto Rs 1160.04 crore in credit card JV companies, SBI Cards & Payment Services and GE Capital Business Process Management Services.

SBI rises 1% on fund raising plan; to increase stake in credit card JV cos

Moneycontrol News

Shares of State Bank of India (SBI) rose 1 percent intraday Thursday as the company is going to raise Rs 15000 crore during FY 2017-18.

The Central Board of the bank at its meeting held on March 15 has accorded its approval for raising equity capital upto Rs 15000 crore during FY 2017-18.

The company will raise fund by way of FPO/rights issue/ESPS/ESOS/QIP/ADR/GDR and any other mode or combination of these, as may be decided at the opportune time, subject to approval of Government of India and Reserve Bank of India.

The company has also received approval for infusing additional capital upto Rs 1160.04 crore in credit card JV companies, SBI Cards & Payment Services and GE Capital Business Process Management Services.

The company will increase its stake in both the companies to 74 percent by way of purchase of equity share from GE Capital.

At 09:56 hrs State Bank of India was quoting at Rs 277.80, up Rs 0.40, or 0.14 percent on the BSE.

Posted by Rakesh Patil
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