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SBI QIP on track: State Bank of India may opt for Rs 25,000 crore share sale as early as next week, says report

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SBI QIP on track: State Bank of India may opt for Rs 25,000 crore share sale as early as next week, says report
SBI’s leadership had given their approval for this share sale in May. (AI image)

SBI QIP: State Bank of India, the biggest asset-based lender in India, plans to offer shares worth Rs 25,000 crore ($2.9 billion) to institutional investors, potentially launching as early as next week, according to a Bloomberg report quoting sources. This could emerge as the largest such deal in the country.Should the qualified institutional placement receive complete subscription, it would establish a new record for India’s largest QIP, exceeding Coal India Ltd.’s previous record of Rs 225.6 billion offering in 2015, as per statistics quoted in the report. The bank’s leadership had given their approval for this share sale in May.The arrangements remain tentative and could undergo modifications, the sources indicated. SBI’s equity market initiative aims to bolster lending operations, fortify its financial position and comply with regulatory standards. This marks the bank’s return to equity fundraising since 2017, with the government maintaining majority ownership.For this financial transaction, SBI has selected six investment banking institutions. These include Citigroup Inc. and HSBC Holdings Plc (Indian divisions), alongside ICICI Securities Ltd., Kotak Investment Banking, Morgan Stanley, and SBI Capital Markets Ltd.





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