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State Bank of India to raise 110B rupees via share sale

State Bank of India is looking to issue equity shares to raise 110 billion rupees, Business Standard reported June 5, citing the lender's disclosure.

The floor price was set at 287.58 rupees per share. The shares will be issued through a qualified institutional placement, according to the disclosure.

The bank said in its disclosure that it may offer a discount of not more than 5% on the floor price. The issue opened June 5.

As of June 5, US$1 was equivalent to 64.38 Indian rupees.