SBI is preparing to sell as much as Rs 25,000 crore ($2.9 billion) of shares to institutional investors as soon as next week, according to people familiar with the matter, in what could be the nation’s biggest deal of its kind.If the qualified institutional placement is fully subscribed, it would mark the biggest QIP ever in India, surpassing Coal India’s Rs 22,560 crore sale in 2015, according to data compiled by Bloomberg. The bank’s board approved the sale in May.The plans haven’t been finalised and are subject to change, according to the people. SBI didn’t immediately respond to Bloomberg queries. The sale is part of SBI’s broader plans to support loan growth, strengthen its balance sheet and meet regulatory requirements. It’s also the first time since 2017 that the lender, majority owned by govt, tapped equity market.SBI has shortlisted six investment banks to manage the transaction, including Indian arms of Citigroup and HSBC Holdings, as well as ICICI Securities, Kotak Investment, Morgan Stanley, and SBI Capital Markets.
