SBI Shares In Focus After Massive Rs 25,000 Crore QIP; LIC Among Major Investors
SBI share price will be in focus on Tuesday after the state-run lender raised Rs 25,000 crore through QIP
SBI Share Price Today: SBI share price will be in focus on Tuesday after the state-run lender raised Rs 25,000 crore through a Qualified Institutional Placement (QIP) to support business expansion.
The Committee of Directors of State Bank of India (SBI), in its meeting held on Monday, approved the closure of the QIP issue after receiving application forms and funds in the escrow account from eligible Qualified Institutional Buyers (QIBs), according to a regulatory filing.
As per the filing, SBI approved the allocation of 30,59,97,552 equity shares at an issue price of Rs 817 per share (face value of Re 1 and a premium of Rs 816 per share).
The QIP was oversubscribed by 4.5 times, with foreign investors accounting for 64.3% of the total demand. SBI said that 88% of the final allocation went to marquee long-term investors, including 24% to foreign long-term players.
The raised capital will help bolster SBI's Common Equity Tier-1 (CET-1) capital ratio, which is expected to rise from 10.81% (as of March 31) to 11.5%. This will support calibrated credit growth across retail, MSME, and corporate segments, the bank added.
As a result, LIC's shareholding in SBI rose from 81,46,59,869 shares to 87,58,59,380 shares, translating to an increase from 9.21% to 9.49% of the bank's paid-up capital.
Other key investors in the QIP included HDFC Life Insurance, Quant Mutual Fund, and Societe Generale.
SBI Share Price Performance
SBI share price has risen 3% over the past month and 9% over the last six months. On a year-to-date (YTD) basis, the stock is up 4%, although it is down 7% over the past one year.
However, over the long term, SBI has delivered strong returns — the stock has surged 324% in the past five years, delivering a multibagger performance.
On Monday, SBI share price closed 0.11% higher at Rs 824.20 apiece on the BSE.
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