State Bank of India issues shares to Govt; raises Rs 5681 crore

State Bank of India (SBI) on Friday said that it has allotted preferential shares to the Government of India and raised Rs 5681 crore.

SBI said, "The committee of director for capital raising considered accorded approval by circulation to allot Rs 21,07,27,400 equity shares, ranking pari-passu with the existing shares of SBI in all respects with a consideration of Rs 5681 crore."

Equity shares will be offered at a price of Rs 269.59 per share having face value of Re 1 each including a premium of Rs 268.59 per share. 

SBI plans to raise additional funds via public issue aggregating up to Rs 15,000 crore. 

In the month of September 2016, SBI issued  19,65,59,390 equity shares on preferential basis to Government for Rs 5,392.99 crore.