State Bank of India approves Preferential issue of equity shares to Government of India at Rs.274.37

The Committee of Directors for Capital Raising (the "Committee") of State Bank of India, in its meeting held on September 03, 2015, has accorded its approval to fix the Issue Price at Rs. 274.37 (Rupees Two hundred seventy four and paise thirty seven only) per share of face value of Re. 1/- each, including a premium of Rs. 273.37 (Rupees Two hundred seventy three and paise thirty seven only) per share, and accordingly, to issue 19,65,59,390 equity shares, ranking pari-passu with the existing equity shares of the Bank, in all respects, including payment of dividend, if any, on preferential basis to GoI, for a consideration of Rs. 5392,99,99,834.30 (Rupees Five thousand three hundred ninety two crores ninety nine lacs ninety nine thousand eight hundred thirty four and paise thirty only ), subject to the approval of Reserve Bank of India & 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 the August 25, 2015 as the relevant date.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.225.05 as compared to the previous close of Rs. 232.6. The total number of shares traded during the day was 2524425 in over 30463 trades.

The stock hit an intraday high of Rs. 232.5 and intraday low of 224.25. The net turnover during the day was Rs. 570641692.

Source : Equity Bulls

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