State Bank of India approves price of Rs. 269.59 for preferential issue to GoI

The Committee of Directors for Capital Raising (the "Committee") of State Bank of India, in its meeting held on November 24, 2016, has accorded its approval to fix the issue Price at Rs. 269.59 (Rupees two hundred sixty nine and paise fifty nine only) per share of face value of Re.1/- each, including a premium of Rs.268.59 per share (Rupees two hundred sixty eight and paise fifty nine only) per share and accordingly, to issue 21,07,27,400 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.5680,99,99,766.00 (Rupees Five thousand six hundred eighty crore ninety nine lac ninety nine thousand seven hundred sixty six only), subject to the approval of Reserve Bank of India and Government of India U/s 5(2) of the State Bank of India Act and shareholders of the Bank in terms of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

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 November 18, 2016 as the relevant date.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.260.95 as compared to the previous close of Rs. 261.7. The total number of shares traded during the day was 1791027 in over 13110 trades.

The stock hit an intraday high of Rs. 264.65 and intraday low of 258.6. The net turnover during the day was Rs. 467899468.

Source : Equity Bulls

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