MUMBAI Dec 2 State Bank of India, the
country's largest lender, will raise up to 95.76 billion rupees
($1.53 billion) through a share sale to institutional investors
or a follow-on public offer, it said in a statement late on
It plans to raise another 20 billion rupees through sale of
shares to the government on a preferential basis.
SBI posted its steepest quarterly profit fall in more than
two years in the three months to September as non-performing
loans increased, putting pressure on the lender to raise funds
Chairwoman Arundhati Bhattacharya said earlier that the bank
plans to raise the funds, including 50 billion rupees through
bonds, before March 31.
($1 = 62.4900 Indian rupees)
(Reporting by Swati Pandey; Editing by Prateek Chatterjee)