State Bank of India to raise USD 1.5 bn via share sale

The bank is selling shares to institutional investors in the price band of Rs 1,565 to Rs 1,596 a share, said the sources, who declined to be named as they were not authorised to speak to the media.

January 29, 2014 / 14:26 IST

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India's leading public sector bank, State Bank of India today launced a qualified institutional placement (QIP) book to raise close to 1.5billion dollars. According to investment banking sources, the QIP price band is Rs 1565-1596 (implying 0-2%) discount to today's closing price.

The book will be closed for global and local investors tomorrow morning. According to sources, LIC is likely to one of the key anchor investors to the QIP issue. Deutsche Bank, CITI, UBS, HSBC, JP Morgan, SBI Caps are bankers to the QIP issue.

State Bank of India shares ended 0.1 percent up on Tuesday at Rs 1,596.30.

Also Read: Banks unlikely to raise rates on surprise RBI rate hike

(With input from Reuters)

first published: Jan 28, 2014 08:19 pm

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