SBI up by 2 per cent on opening of QIP share sale

State Bank of India rose by 2 per cent in intraday trade on June 6, 2017, on the announcement of the banking giant’s plans to raise funds through QIP.

In a bid to raise Rs 11,000 crore, the bank opened the sale shares on Monday, June 5, 2017, through a private placement at Rs 287.58 per share. The bank has a bigger plan to generate Rs 15,000 crore capital from markets in the on-going fiscal. 
      
The bank informed about the opening of a qualified institutional placement (QIP) of equity shares of face value of Rs 1 for the qualified institutional buyers, in a regulatory filing on Monday.

At 10:30 hrs IST, State Bank of India stood at Rs 290.70, up by 1.20 per cent on the BSE on June 6, 2017.