SBI share price may be in focus today as the PSU bank launches ₹25k crore QIP; details here
SBI share price ended 1.87 per cent higher at ₹ 831.70 apiece on Wednesday, extending gains to the fourth consecutive session.
SBI's board on Wednesday, July 16, approved the launch of a qualified institutional placement (QIP) of fully paid-up equity shares of the company at a floor price of ₹ 811.05 per equity share, which is at a 2.3 per cent discount to the last closing price of ₹ 830.5 on the NSE. The issue opened on Wednesday, July 16.
The bank may offer a maximum 5 per cent discount on the floor price calculated for the QIP. The bank will determine the issue price after consulting the book-running lead managers.
SBI's central board on July 16 approved raising funds by the issue of Basel III-compliant additional tier-1 and tier-2 bonds, up to an amount of ₹ 20,000 crore to domestic investors during FY26.
In May this year, SBI's board gave its nod to raise funds of about ₹ 25,000 crore in the current financial year (FY26) in one or more tranches through QIPs or a follow-on public offer (FPO) or any other permitted mode or a combination thereof.
In recent times, the SBI share price has underperformed the market benchmark, gaining nearly 5 per cent this year so far compared to an over 6 per cent gain in the benchmark Nifty 50.
Over the last year, the PSU bank stock has declined 7 per cent, hitting a 52-week low of ₹ 680 on 3 March this year. SBI share price hit a 52-week high of ₹ 899 on 19 July last year.
However, on a monthly scale, the stock has been in the green since March. In July, it has climbed 1.4 per cent.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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