SBI to open ₹25,000-cr QIP; floor price set at ₹811.05 per share
Mumbai: State Bank of India, the country’s largest lender, will open its ₹25,000-crore qualified institutional placement (QIP) on Wednesday, NDTV Profit reported, citing a stock exchange filing.
The bank has received the necessary regulatory clearances and has set the floor price for the issue at ₹811.05 per share.
It may offer a discount of up to 5% on this price.
On the same day, SBI’s shares closed at ₹830.50 apiece on the National Stock Exchange.
Earlier in the day, NDTV Profit reported that the QIP might be launched at a discount of 2–3% from the prevailing market price.
Sources indicated that Life Insurance Corporation of India is expected to be the largest anchor investor in the QIP, with domestic mutual funds also likely to participate.
SBI last conducted a QIP in June 2017, raising ₹15,000 crore at an issue price of ₹287.25 per share—offered at a 1% discount at the time.
The current QIP aims to bolster the bank’s capital base, support its continued loan growth, and help meet regulatory requirements.
SBI is targeting a common equity tier-I (CET1) ratio of 12% and a capital to risk-weighted assets ratio (CRAR) of 15% by March 2027.
As of March-end, its CET1 stood at 10.81% and CRAR at 14.25%.
The issue is being managed by Citigroup, HSBC, ICICI Securities, Kotak Investment Banking, Morgan Stanley, and SBI Capital Markets.
Separately, the bank’s board has also approved raising up to ₹20,000 crore through tier-I and tier-II bonds during the current financial year.
In FY24, SBI raised ₹10,000 crore each through tier-I and tier-II bonds and ₹30,000 crore via infrastructure bonds.
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