Profit

SBI's rights issue to mop up over $4 bn

PUBLISHED ON: January 14, 2008 | Duration: 2 min, 45 sec

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India's largest government-owned bank, the State Bank of India (SBI), will garner Rs 167.36 billion from its long-awaited rights issue to the government of India, eligible existing shareholders and global depository receipt (GDR) holders, the bank announced in Mumbai on Monday. The rights issue will be priced at Rs 1,590 per share, at a discount of around 35 per cent on its current share price, said a statement released by the bank.
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