India’s SBI raises 250 billion rupees via share sale to institutional investors

BENGALURU: State Bank of India , the country’s largest lender by assets, said on Monday it has raised 250 billion rupees ($2.90 billion) by selling shares to institutional investors.

The lender approved the allocation of 306 million shares to the investors at an issue price of 817 rupees each.

State Bank of India to plan $2.9bn share sale as soon as next week

In May, the lender had approved the fundraise through modes including a so-called qualified institutional placement, which is used by companies to raise funds from large institutions.