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SBI planning rights issue after first quarter FY12

SBI planning rights issue after first quarter FY12
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First Published: Sun, Mar 27 2011. 03 46 PM IST
Updated: Sun, Mar 27 2011. 03 46 PM IST
Mumbai: State Bank of India will launch its Rs 200 billion ($4.5 billion) rights equity issue after the first quarter of the fiscal year beginning in April, its chairman said on Sunday.
“For this financial year, it will be too late, so it will happen next year. I don’t think it will be in the first quarter,” O.P. Bhatt, State Bank of India chairman, told reporters on the sidelines of an industry conference in Mumbai.
A failure to secure approvals from the government, which owns about 59% of the bank, delayed the launch of the issue, local media reported last month.
The issue, announced last February, will raise half the amount needed to sustain the bank’s growth over the next five years.
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First Published: Sun, Mar 27 2011. 03 46 PM IST