State Bank of India to raise Rs 3,000 crore by March, 2013

State Bank of India (SBI) to raise Rs 3,000 crore by March this year.

State Bank of India (SBI) on January 7, 2013 said it would raise about Rs 3,000 crore through preference shares in the next 3 months but ruled out the possibility of it coming out with a rights issue.

This is part of Rs 12,000 crore infusion plan approved by the Finance Ministry recently. The Cabinet is likely to consider the same during this week.

Last fiscal, the government had infused Rs 7,900 crore in SBI to increase the Tier-I capital of the country’s largest bank.

Following the capital infusion in March 2012, the government holding in SBI rose to 61.58 per cent from 59.4 per cent.

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