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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  State Bank of India    SBI   INE062A01012

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State Bank of India : to Raise up to $558.3 Million via Preferential Share Allotment to Government

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01/19/2013 | 01:17pm CET
   By Ashutosh Joshi 
 

MUMBAI--State Bank of India (500112.BY) on Saturday said its board has approved raising up to 30.04 billion rupees ($558.3 million), via preferential allotment of shares to the Indian government.

Earlier this month, the government approved a proposal to inject up to INR122 billion ($2.27 billion) of capital into several state-run banks.

The government's decision is aimed at helping the state-run banks raise funds necessary to boost lending and meet higher capital requirements under the Basel-III rules that are being implemented in phases.

State Bank of India, also India's biggest lender by assets, said the fundraising will also enable it to support national and international banking operations of its units and it is seeking necessary approvals from the central bank and the government for increasing its capital size.

The funds will be injected this fiscal year that ends March 31, 2013.

The Indian government currently owns 61.6% of the bank.

Write to Ashutosh Joshi at ashutosh.joshi@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ( INR)
Sales 2017 928 386 M
EBIT 2017 433 779 M
Net income 2017 121 293 M
Debt 2017 -
Yield 2017 1,20%
P/E ratio 2017 16,60
P/E ratio 2018 11,70
Capi. / Sales 2017 2,14x
Capi. / Sales 2018 1,95x
Capitalization 1 987 271 M
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Mean consensus OUTPERFORM
Number of Analysts 45
Average target price 290  INR
Spread / Average Target 13%
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Managers
NameTitle
Dinesh Kumar Khara Managing Director
Arundhati Bhattacharya Chairman
Anshula Kant Chief Financial Officer & Deputy Managing Director
Mrityunjay Mohapatra Chief Information Officer
Deepak Ishwarbhai Amin Independent Non-Executive Director
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