SBI announces Preferential Issue of equity shares to Government of India at Rs. 295.59

The Executive Committee of Central Board (EGOS) of State Bank of India, in its meeting held on March 13, 2015, has accorded its approval to fix the Issue Price at Rs. 295.59 (Rupees Two hundred ninety five, and paise fifty nine only) per share of face value of Re.1/-, including a premium of Rs. 294.59 per share, and accordingly, to issue 10,04,77,012 equity shares, ranking pari-passu with the existing equity shares of the Bank in all respects, on preferential basis to GoI, for a consideration of Rs. 2969,99,99,977.08 (Rupees Two thousand nine hundred sixty nine crores ninety nine lacs ninety nine thousand nine hundred seventy seven and paise eight only), subject to the approval of Government of India U/s 5(2) of the State Bank of India Act and shareholders of the Bank in terms of the SEBI ICDR Regulations.

The price for preferential issue has been arrived at in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, taking into consideration February 20, 2015 as the relevant date.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.280.85 as compared to the previous close of Rs. 287.2. The total number of shares traded during the day was 2180212 in over 40883 trades.

The stock hit an intraday high of Rs. 291 and intraday low of 280. The net turnover during the day was Rs. 620368107.

Source : Equity Bulls

Keywords