State Bank of India plans to raise Rs 15,000 crore this fiscal year

State Bank of India plans to raise Rs 15,000 crore this fiscal year

The State Bank of India has announced that they are planning to raise Rs 15,000 crore within the current financial year.

SBI is the biggest lender in the country and these funds would help the bank to bolster capital and meet the growing credit demand.

O P Bhatt, chairman and managing director, SBI said in a statement that they would raise these funds through a mix of debt and equity.

They are already in talks with six to seven investment bankers on these plans to come up with the right mix and timing for raising the funds.

Bhatt added: “We may sell shares between July and December.” this would be the first public offer from the bank since October 1996 when they raised $350 million from overseas investors.

SBI further said that the Indian government is trying to acquire the RBI’s 59.73 per cent stake in the bank to avoid a conflict of interest.

The bank also has plans to get into pension funds management.