Government of India to infuse Capital in SBI through Preferential Allotment of Equity Shares

The Central Board of State Bank of India, in its Meeting held on January 19, 2013, has approved infusion of Capital funds in the Bank by the GoI, to the tune of Rs.3004 crore during FY 2012-13, by way of Preferential Allotment of equity shares to the Gol, to enable the Bank to support national and international banking operations undertaken through its Subsidiaries and Associates.

The Bank is seeking necessary approvals from RBI and Gol under section 5(2) of the State Bank of India Act to increase its issued capital.

The State Bank of India stock closed the day at Rs.2491.20, up by Rs.22.85 or 0.93%. The stock hit an intraday high of Rs.2515 and low of Rs.2478.35.

The total traded quantity was 3.40 lakhs compared to 2 week average of 3.31 lakhs.

Source : Equity Bulls

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