Tuesday 15 January 2008

1:5 SBI rights issue record date announced

The board of State Bank of India (SBI) approved a 1:5 rights issue at a 35.42 per cent discount to its closing price on the Bombay Stock Exchange (BSE) today.The bank will raise Rs 16,736.31 crore in February by offering one share for every five held at Rs 1,590 apiece.

The bank has set February 4 as the record date for the issue.

The bank has also decided to issue shares to its 200,000 employees under an employees stock purchase scheme, the first by a public sector bank.