SBI to raise funds via FPO, QIPs, seeks bid for merchant bankers
SBI says it plans to raise funds through follow-on public offer, institutional placement in the current fiscal and proposes to select and appoint up to 6 merchant bankers
New Delhi: Country’s largest lender SBI on Tuesday said it plans to raise funds through follow-on public offer and institutional placement in the current fiscal and has sought applications from merchant bankers for managing the issue.
“The bank intends to tap capital markets via a QIP/FPO. The issue size may vary based on various factors including but not limited to management discretion and the decision of the shareholders,” SBI said in a public notice.
The bank said it proposes to select and appoint up to 6 merchant bankers with requisite experience who together will be designated as Book Running Lead Managers (BRLMs).
Proposed FPO and Qualified Institutional Placement (QIP) follows merger of five associate banks and Bharatiya Mahila Bank from April.
SBI has already taken board approval for raising up to Rs15,000 crore through various means public offer and overseas issuance of shares during the current fiscal.
The funds will be raised either through follow-on public issue, qualified institutional placement, rights issue, private placement, Global Depository Receipt, American Depository Receipt or a combination of these, SBI had said last month.