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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