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SBI's Rs 25,000 crore QIP draws Rs 1 trillion bids; LIC, MFs lead
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Samie Modak Sundar Sethuraman Mumbai
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State Bank of India's (SBI's) Rs 25,000-crore ($2.9 billion) qualified institutional placement (QIP) evoked bids worth nearly Rs 1 trillion — underscoring strong demand for the shares of the country's biggest lender — with local institutions leading the charge, according to people in the know.
Sources said Life Insurance Corporation of India (LIC) placed bids worth over Rs 5,000 crore, while domestic mutual funds (MFs) such as SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF and HDFC Bank too placed bids worth over Rs 1,500 crore each. Meanwhile, about half a dozen foreign portfolio investors (FPIs), including Singapore's
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