SBI to raise Rs 16,736.31 cr through rights issue

New Delhi, Jan 14: Country's largest lender, the State Bank of India (SBI) today said its Central Board, in a meeting held today, has decided to raise Rs 16,736.31 crore through a rights issue to Government of India and to other eligible existing shareholders including GDR holders.

The bank will issue one share for every five shares held by eligible shareholders, said a statement. The price for the issue has been fixed at Rs 1,590 per share. However, it has not fixed the date for such issue. The bank has also decided to increase the Issued Capital of Bank from Rs 526.30 crore to Rs 650 crore.

UNI