SBI share price in focus as PSU bank raises ₹25,000 crore via QIP; LIC increases stake
The committee of directors of State Bank of India (SBI), at its meeting held on Monday, approved the closure of the issue pursuant to the receipt of application forms and the funds in the escrow account from the eligible Qualified Institutional Buyers (QIBs) in accordance with the terms of the issue, the SBI said in a regulatory filing.
SBI approved the allocation of 30,59,97,552 equity shares at an issue price of ₹ 817 per share of a face value of Re 1 each, including a premium of ₹ 816 apiece, it said.
SBI QIP was oversubscribed four-and-a-half times, and foreign investors accounted for 64.3% of total demand. The PSU bank said marquee long-term investors received 88% of the final allocation, including 24% of the issue size placed with foreign long-term investors.
The capital will augment the SBI's CET-1 buffer (it will improve to 11.5% from 10.81% as on March 31) and support calibrated credit growth across the retail, MSME and corporate segments, it added.
Life Insurance Corporation of India (LIC), the state-run insurance giant, has increased its shareholding in SBI by investing in the QIP. The insurance giant was allotted 6,11,99,511 SBI shares in the QIP.
Thus, LIC's stake in SBI has been increased from 81,46,59,869 equity shares to 87,58,59,380 shares, that is, 9.21% to 9.49% of the paid-up capital of the bank.
Other prominent investors in SBI QIP were HDFC Life Instance Company, Quant Mutual Fund and Societe General.
SBI share price has gained 3% over the past month and rallied 9% in the last six months. On a year-to-date (YTD) basis, the PSU bank's stock is up 4%, although it has declined 7% over the past one year. However, over the long term, SBI share price has delivered robust returns, with the stock surging 324% over the past five years, marking a multibagger performance.
On Monday, SBI share price ended 0.11% higher at ₹ 824.20 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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