SBI board okays Rs 167.36 bn Rights Issue
India`s biggest lender, State Bank of India announced that the central board of the bank today (Monday 14 Jan 08) decided to raise an aggregate amount of Rs 167,363.1 million including premium by way of Rights issue offer to government of India and to other eligible existing shareholders including GDR holders.
The board also approved to increase the issued capital of bank from Rs 5,263 million to Rs 6,500 million, in terms of Sec. 5 (2) of the SBI Act and to issue shares to employees of the bank under Employees Stock Purchase Scheme.
Further the board fixed the ratio for Rights issue at 1 share for every 5 shares held by the eligible shareholders as on the Record Date and price for Rights issue has been fixed at Rs 1,590 a share i.e. face value of Rs 10 each and a premium of Rs 1,580 a share.
The board also approved to increase the issued capital of bank from Rs 5,263 million to Rs 6,500 million, in terms of Sec. 5 (2) of the SBI Act and to issue shares to employees of the bank under Employees Stock Purchase Scheme.
Further the board fixed the ratio for Rights issue at 1 share for every 5 shares held by the eligible shareholders as on the Record Date and price for Rights issue has been fixed at Rs 1,590 a share i.e. face value of Rs 10 each and a premium of Rs 1,580 a share.
Labels: state bank of india, state bank of india rights issue
posted by SY at 1:37 PM
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