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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 CEST
   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 [email protected]

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

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Financials ( INR)
Sales 2018 1 059 352 M
EBIT 2018 510 835 M
Net income 2018 147 326 M
Debt 2018 -
Yield 2018 1,22%
P/E ratio 2018 15,73
P/E ratio 2019 11,09
Capi. / Sales 2018 2,21x
Capi. / Sales 2019 1,99x
Capitalization 2 339 288 M
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Mean consensus OUTPERFORM
Number of Analysts 46
Average target price 326  INR
Spread / Average Target 13%
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Managers
NameTitle
Dinesh Kumar Khara Managing Director
Arundhati Bhattacharya Chairman
Neeraj Vyas Chief Operating Officer & Deputy Managing Director
Anshula Kant Chief Financial Officer & Deputy Managing Director
Mrityunjay Mohapatra Chief Information Officer & Deputy MD
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