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State Bank of India to raise up to $1.5 bln via share sale
December 2, 2013 / 5:37 AM / in 4 years

State Bank of India to raise up to $1.5 bln via share sale

MUMBAI, Dec 2 (Reuters) - 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 Friday.

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 quickly.

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)

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