State Bank of India (SBI) plans to raise up to Rs 15,000 crore through a qualified institutional placement of equity shares, according to the term sheet of the issue.
India’s largest bank is offering up to 54.4 crore shares to institutional investors in a price band of Rs 275.76-287.25 per share. SBI will offer a maximum discount of 5 percent on the floor price, it said in a filing to the stock exchanges.
The bank currently has board approval to raise this amount through various means, including a public offer and overseas issuance of shares. In a stock exchange filing in March, it had indicated its intention to raise funds from the capital market.
SBI has picked Bank of America Corp, Deutsche Bank AG., IIFL, JM Financial, Kotak Institutional Equities, and SBI Capital Markets as book running lead managers to the issue, according to the term sheet.
As on March 31, the Government of India held 62.22 percent stake in the bank.