Mumbai: State Bank of India started its largest-ever fund raising drive to raise up to Rs 15,000 crore by picking up as many as nine investment bankers, including Goldman Sachs, Barclays Plc and Bank of America Merrill Lynch (BofA-ML), as per sources.
They added the other merchant bankers appointed for the share sale are Citi, SBI Caps, Axis Bank, JM Financial, ICICI Securities and Kotak Mahindra Bank. Late January, the nation’s largest lender had announced to raise Rs 15,000 crore through a public offer, which will include rights issue to fund business and meet global capital adequacy norms.
The bank had said the fund would be raised either through follow-on public issue, qualified institutional placement, rights issue, private placement, Global Depository Receipt, American Depository Receipt or combination of these. SBI, in the previous fiscal, had raised Rs 8,032 crore by selling shares through the qualified institutional placement route.
Its share sale follows the last week’s Rs 10,000 crore raised by the country’s second largest private sector lender HDFC Bank through a follow-on offer. HDFC Bank raised the funds from selling American Depository Receipts (ADRs) and India-listed shares to qualified institutional investors.
