State Bank of Travancore reduces rights issue size to Rs. 485 crores

The Board of Directors of State Bank of Travancore at its meeting held on June 20, 2014, in partial modification of the approval given in its Meeting held on the March 26, 2014 pertaining to the proposed Rights Issue size, has approved Rights Issue of equity shares of the Bank subject to receipt of all requisite approvals, to the existing shareholders for an amount aggregating upto Rs. 485 Crores (including share premium) as against the earlier approved Issue size of upto Rs. 629 crores (including share premium) on a 'Rights Basis'.

The terms and conditions of the Rights issue including the rights entitlement ratio the issue price, record date, timing of the Rights Issue and other related matters shall be decided subsequently.

Shares of STATE BANK OF TRAVANCORE was last trading in BSE at Rs.594 as compared to the previous close of Rs. 595.75. The total number of shares traded during the day was 5176 in over 427 trades.

The stock hit an intraday high of Rs. 606.1 and intraday low of 590. The net turnover during the day was Rs. 3098733.

Source : Equity Bulls

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