• SBI is going to consider the proposal for raising funds in its next meeting to be held on January 3, 2022
State Bank of India (SBI) is looking to raise Rs 10,000 crore through infrastructure bonds. India's largest bank informed the Indian markets that the executive committee of the central board of SBI is going to consider the proposal for fundraising in its next meeting to be held on January 3, 2022. Will be raised through public issue or private placement in FY23.
Notifying the Indian stock market exchanges about the fund raising, SBI said, "Pursuant to Regulation 29 (1) (d) and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 we inform that A meeting of the Executive Committee of the Central Board of State Bank of India on Tuesday, January 3, 2023, inter alia, to seek approval for raising infrastructure bonds up to an amount of ₹10,000 crore by way of public issue or private placement is scheduled for consideration for FY23."
SBI shares attracted the attention of Dalal Street bulls in morning deals, following the news of SBI raising ₹10,000 crore through infra bonds. After opening with a downside gap, SBI share price is now witnessing an uptrend and is currently trading about half per cent higher than its Wednesday's closing price of ₹601.05 on the NSE. Shares of SBI rebounded from its intraday low of ₹597.15 per share and touched an intraday high of ₹603.85 per share. The PSU bank stock recently made its life high of ₹629.55 on Dec 14, 2022.
SBI shares have remained on edge for the last one month and in the last six months, it has risen from around ₹460 to ₹603, a rise of over 30 per cent in this time. This PSU bank stock has risen from around ₹150 to ₹603 per share following the post-Covid stock market boom. This means that in the last three years, SBI share price has given almost 300 per cent return to its shareholders.
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