The SBI issue also saw very strong demand from domestic institutional investors. The issue was priced at the top end, at Rs 287.25/ share. The QIP will result in the issue of approximately 52.21cr new shares (@ Rs. 287.25), which will lead to a equity dilution of 6.05 per cent. Post the issue, the government shareholding in the merged entity will be at 57.07 per cent.
SBI merged five of its associate banks with itself, effective April 1. SBI is one of the top 50 global banks and the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. SBI has deposit base of Rs 25.85 lakh crore.
"The overwhelming response to the QIP from a diverse cross section of investors highlights the faith reposed in SBI by both domestic and foreign institutional investors. The QIP allocation further enhances the diversity of the shareholder base which will add value to the bank," SBI said in a statement.
With more than 2.78 lakh employees, SBI caters to a customer base of more than 42 crore.