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Friday, June 9, 2017

Stae Bank of India(SBI)'s 's QIP oversubscribed, demand tops Rs. 27,000 cr Friday June 09,2017

State Bank of India(SBI) on Friday June 09,2017 said its qualified institutional placement offer for raising Rs 15,000 crore was oversubscribed, with demand exceeding Rs 27,000 crore and the issue getting priced at Rs 287.25 per share.

The QIP will result in the the issue of approximately 52.21 crore new shares (at the rate of Rs. 287.25 apiece), which will lead to a dilution of 6.05 per cent. Post the dilution, government’s stake in the bank will be at 57.07 per cent.
Post-issue, the capital to risk weighted assets of the bank will be at 13.64 per cent and CET 1 at 10.20 per cent.
“We have successfully concluded India’s largest ever QIP. We launched it on June 5 and closed it on June 8. So, with that we have concluded what I think is the largest fresh equity issuance out of India. It is also the third largest equity offering in 2017 in the entire APAC region,” said SBI Chairman Arundhati Bhattacharya.

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