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Report: State Bank of India may launch 180B rupees share sale in 2 weeks

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Report: State Bank of India may launch 180B rupees share sale in 2 weeks

State Bank of India could sell equity shares in a qualified institutional placement in the next two weeks to raise 150 billion rupees to 180 billion rupees, Mint reported May 28, citing three people familiar with the matter.

The media report came months after the board of the state-run bank in January approved a plan to raise up to 200 billion rupees through various equity and equity-linked instruments, including a qualified institutional placement.

Bank of America Merrill Lynch, CLSA, Kotak Mahindra Capital, and SBI Capital Markets are acting as advisors.

State Bank of India did not respond to Mint's email for comment.

As of May 28, US$1 was equivalent to 69.60 Indian rupees.