SBI to raise funds

State Bank of India (SBI) has announced that the Bank's Executive committee of the Central Board (ECCB) has approved the following:

1. To utilize the balance amount of Rs 1285 crs available out of Rs 5000 crs approved in FY 2006-07, during FY: 2007-08, in tranches, for raising Upper / Lower Tier II Subordinated Debt.

2. Raising unsecured and rated rupee Innovative Perpetual Debt Instruments / Upper Tier II / Lower Tier II Subordinated Debt by way of bonds and / or any other capital instruments that RBI may permit from time to time, not exceeding Rs 10,000 crs during FY: 2007-08 in tranches, with a minimum maturity of over 60 months as per RBI guidelines, through structured deals or by private placement or book building process.

The stock closed the day at Rs.1074.60, up by Rs.21.35 or 2.03%. The stock hit an intraday high of Rs.1084.90 and low of Rs.1041.10. The total traded quantity was 822869 shares compared to 2 week average of 510304.

Source : Equity Bulls

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