State Bank of India (SBI), the country’s biggest lender by assets, plans to raise between 110 billion rupees and 150 billion rupees ($1.8-$2.4 billion) via share sale by next month end, two sources directly involved in the process told Reuters.
MUMBAI – State Bank of India (SBI), the country’s biggest lender by assets, plans to raise between 110 billion rupees and 150 billion rupees ($1.8-$2.4 billion) via share sale by next month end, two sources directly involved in the process told Reuters.
The marketing roadshows for the share sale will begin next week, said the sources, who declined to be named as the details of the offering are not public yet.
Senior SBI officials were not immediately available for comment.
State-run SBI received shareholders approval to raise up to 150 billion rupees last week, as part of its efforts to strengthen its balance sheet on hopes of a pick up in loan demand in Asia’s third-largest economy.
The share sale would happen via the “fast track” follow-on offering route, said the sources. Under the fast track process, select large companies are exempted from complying with the market regulator’s disclosure and filing requirements.
SBI has selected eight investment banks including Axis Bank, Bank of America Merrill Lynch, Barclays, JM Financial, and Kotak Mahindra Capital to advise on the sale.
