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SBI to go ahead with Rs20k crore rights issue this fiscal

SBI to go ahead with Rs20k crore rights issue this fiscal
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First Published: Thu, Jul 14 2011. 03 07 PM IST
Updated: Thu, Jul 14 2011. 03 07 PM IST
Kolkata: State Bank of India, the country’s largest lender, will raise Rs20,000 crore from a rights issue this fiscal year even if the Union government couldn’t stump up the Rs11,500-12,000 crore that it needs to maintain its stake at 59.4%, the bank’s chairman Pratip Chaudhuri said in Kolkata on Thursday.
Ruling out the possibility of paring the issue size, Chaudhuri said the bank will raise cash by selling shares to institutional investors if the government couldn’t fully subscribe to its allotment of shares under the proposed rights issue.
The share sale is to be done in the January-March quarter. The bank has invited finance minister Pranab Mukherjee to attend its 6 August board meeting to discuss the proposed share sale, according to Chaudhuri.
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First Published: Thu, Jul 14 2011. 03 07 PM IST