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Wednesday, June 7, 2017

At Rs 15000 Crore State Bank of India(SBI) kicks off India's Largest Qualified Institutional Placement (QIP) Monday June 05,2017

State Bank of India(SBI) has raised Rs 15,000 crore from domestic and foreign institutional investors through Qualified Institutional Placement (QIP) of shares, several sources familiar with the plans said on Monday June 05,2017

The QIP closed on Tuesday morning June 06,2017 and is believed to have received demand in excess of Rs 20,000 crore  

The floor price of the share sale was fixed at Rs 287.58 apiece for a face value of Rs 1 each. The bank said in a statement that it may offer a discount of not more than 5% to the floor price. The QIP will boost SBI’s capital adequacy to more than 14.50% from 13.11% now and ensure that it does not need capital for the next two years, 

Last year, SBI had received Rs 7,575 crore from the government as part of the Centre’s capital infusion plan. As on March 31 this year, the government owned 62.22% of the bank 

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