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State Bank of India raises $1.28 bln via share sale
January 31, 2014 / 3:36 AM / 4 years ago

State Bank of India raises $1.28 bln via share sale

MUMBAI, Jan 31 (Reuters) - State Bank of India Ltd, the country’s largest lender, said it has raised 80.32 billion rupees ($1.28 billion) through a sale of shares to institutional investors to boost its capital requirements.

The proceeds from the share sale will increase the overall capital adequacy ratio of the state-run bank to 12.81 percent and tier one capital adequacy ratio to over 9.67 percent, SBI said in a statement late on Thursday.

SBI launched the share offering on Tuesday in the indicative price band of 1,565-1,596 rupees a share to raise as much as $1.5 billion. The bank sold 51.3 million shares in the offering at the lower end of the range.

$1 = 62.6750 Indian rupees Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee

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