SBI hires SBICAP, Kotak, Axis, BofA to assist with capital raising: Report
SBI's board on June 16 approved a separate capital raise of as much as Rs 25,000 crore through AT1 bonds and Tier II capital
July 29, 2020 / 04:09 PM IST
State Bank of India (SBI) has chosen Kotak Investment Banking, HSBC, Axis Capital and Bank of America (BofA), along with SBI Capital Markets (SBICAP), to manage its planned Rs 20,000 crore share sale, The Economic Times reported.
Moneycontrol could not independently verify the report.
An SBI spokesperson told the paper that the bank has received a green signal from the board and shareholders for the fundraising.
"Actual fund-raising will depend upon the requirement. The pricing, given the present market condition and price-to-book of SBI, is very difficult," J Swaminathan, Deputy Managing Director – Finance, SBI, told the publication.
"But since we don’t want to foreclose the option as we have got an enabling resolution, we will take a call at the appropriate time. We have started the process of appointing intermediaries like book-running managers, legal experts, etc so that we don’t lose time when we decide the timeline," Swaminathan said.
SBI's board on June 16 approved a separate capital raise of as much as Rs 25,000 crore through AT1 bonds and Tier II capital.