SBI plans Rs 9,000 cr QIP issue

Mumbai: The country's largest lender State Bank of India today said it has sought government approval to raise Rs 8,000-9,000 crore through the qualified institutional placement (QIP) by the end of the current fiscal.

"We are looking at raising something in the range of Rs 8,000-9,000 crore through QIP, over and above the Rs 2,000 crore which the government will be giving us," SBI Chairperson Arundhati Bhattacharya told reporters here.

"We have written to the government and sought their approval," she added.

[caption id="attachment_1228465" align="alignleft" width="380"] Last month, the SBI board approved infusion of Rs 2,000 crore by allotting preferential equity shares to the government. Reuters[/caption]

Last month, the SBI board approved infusion of Rs 2,000 crore by allotting preferential equity shares to the government.

On exact time for QIP, Bhattacharya said: "We will rather not say when we will like to come to the market. Suffice to say that we would definitely do it before March 31."

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Bhattacharya, who took the SBI reins recently, said the bank will also raise money through tier II bonds above the Rs 9,000 crore of QIP.

PTI