SBI to raise Rs 10,000 cr by end of 2007

Mumbai, Sep 12 (UNI) The State Bank of India (SBI) today said that it will raise a sum of Rs 10,000 crore by the end of this year, through the way of follow-on public offer or a rights issue.

Talking to reporters here today, on the sidelines of the Global Banking conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), SBI Chairman O P Bhatt, said that SBI will be raising the sum of Rs 10,000 crore by the end of December this year.

He said, ''The Bank may raise the amount either through the way of follow-on public offer or a rights issue.'' On being asked about the merger of the State Bank of Saurashtra with SBI, Mr Bhatt said, ''The process has just taken a start, we will gradually proceed to the other associate banks we have got.'' Earlier, addressing the inaugural session of the conference, Mr Bhatt said, ''At a time when the country's GDP was growing at a rate over 9 per cent during last few years combined with over 30 per cent credit growth in the last four years, we need to see whether NPAs were coming down in absolute terms.'' He also emphasized that the banks in the country cannot have their significant movement sans consolidation.

UNI