SBI prepares for record ₹25,000 crore share sale
State Bank of India (SBI) is about to launch a massive ₹25,000 crore ($2.9 billion) share sale through a qualified institutional placement (QIP), possibly as soon as next week.
If it goes as planned, this will be the largest QIP in India's history, beating Coal India's 2015 record.
The move, approved by SBI's board in May, is all about giving the bank a financial boost and fueling its future lending.
SBI's 1st big equity market step since 2017
This is SBI's first big equity market step since 2017.
The funds raised will help strengthen the bank's balance sheet and meet key financial health standards—basically making sure SBI stays strong and ready to lend more in coming years.
To make it happen smoothly, SBI has teamed up with six major investment banks like Citi, HSBC, ICICI Securities, Kotak Investment Banking, Morgan Stanley, and its own SBI Capital Markets.