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SBI opens QIP at floor price of Rs 287.58

State Bank of India said its committee of directors for capital raising has decided to start receiving bids a qualified institutional placement of its shares with a floor price of Rs 287.58 per equity share.

“The Bank may offer a discount of not more than 5% to the Floor Price,” it said.

The bank is expected to raise around Rs 15,000 cr.

The QIP was first approved by the board in January 15, 2016 and March 15, 2017. It was approved by shareholders on February 26, 2016 and December 20, 2016.

The committee of directors also approved and adopted a preliminary placement document in connection with the Issue.

SBI is India’s largest bank and recently went through a merger process that saw it absorb several associate banks.

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