State Bank of India approves allotment of shares to Government of India

The Executive Committee of the Central Board of State Bank of India, in its Meeting held on January 02, 2014, has accorded its approval for the issuance and allotment of 1,12,18,685 (One Crore twelve lacs eighteen thousand six hundred eighty five) Equity Shares, ranking pari-passu with the existing equity shares of the Bank in all respect, including dividend, at an Issue Price of Rs. 1782.74 (Rupees One thousand seven hundred eighty two and paisa seventy four only) per share (face value Rs. 10/- each, at a premium of Rs. 1772.74 per share), to the Government of India (GoI) on preferential basis.

The Board also approved allotment of Basel III compliant Tier 2 bonds of Rs. 2000 crores, issued for 120 months (10 year bullet), at an annually payable coupon of 9.69%, by way of private placement.

Shares of State Bank of India was last trading BSE at Rs.1742.50, down by Rs.22.80 or 1.29%. The stock hit an intraday high of Rs.1805.80 and intraday low of Rs.1733.

The total traded quantity was 4.04 lakh shares as compared to 2 week average of 2.08 lakh shares.

Source : Equity Bulls

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