Public sector lender State Bank of India (SBI) on Friday said it proposes to raise up to Rs 15,000 crore from various means, including public offer and overseas issuance of shares, in the next 14 months.
The fund raised will help the bank to meet global risk norms, Basel III, which will kick in from March 2019.
The committee of directors, duly authorised by the central board, at the meeting held on January 15 authorised the bank to seek shareholders’ approval and to write to government of India and RBI seeking their approval for extending the period of approval for raising capital up to Rs 15,000 crore till March, 2017, SBI said in a regulatory filing with exchanges.
The fund would be raised either through follow on public issue, qualified institutional placement, rights issue, private placement, Global Depository Receipt, American Depository Receipt or combination of these, it said.
The fund raising would be done at the opportune time or as may be approved by the government and RBI, it added. This enabling approval was required as the one-year window approved last year was coming to an end on March 2016, an official said.