SBI's Rs 25,000 Crore QIP Spurs Business Growth

The State Bank of India (SBI) raised Rs 25,000 crore through a Qualified Institutional Placement (QIP) to boost business growth. The bank allocated shares at a premium price, with Life Insurance Corporation increasing its stake. SBI also plans to raise funds via bonds for upcoming business objectives.

The State Bank of India (SBI) announced a successful capital raise of Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund its business expansion strategies.

Approved by the committee of directors, this move marks a significant step as SBI allocated over 30 million equity shares at Rs 817 each, realizing a considerable premium.

In a related development, Life Insurance Corporation (LIC) increased its shareholding in SBI. Concurrently, SBI plans an additional Rs 20,000 crore raise via tier 1 and tier 2 bonds.

(With inputs from agencies.)