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Report: State Bank of India looks to raise US$2B via share sale

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Report: State Bank of India looks to raise US$2B via share sale

State Bank of India is looking to launch a US$2 billion share sale as soon as June, Bloomberg News reported May 25, citing "people with knowledge of the matter."

The bank has picked Bank of America Corp., Deutsche Bank AG, IIFL Holdings Ltd., Kotak Mahindra Bank Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. to work on the offering. It has yet to finalize the size and the timing of the offering, the sources said.

The bank has already received approval from its board to raise up to 150 billion Indian rupees via share sales in the fiscal year ending March 31, 2018. Further, the bank was said to be looking to raise between US$500 million and US$1 billion of debt.

State Bank of India, IIFL and Kotak Mahindra Bank declined to comment on the matter, while representatives from Bank of America, Deutsche Bank and JM Financial could not be immediately reached, according to Bloomberg.

As of May 25, US$1 was equivalent to 64.56 Indian rupees.