SBI to start 92b rupee share sale

Mumbai

STATE Bank of India (SBI), the country's largest lender, will start a share sale to raise more than 92 billion rupees (S$1.9 billion) to bolster its balance sheet, five people with knowledge of the matter said.

The Mumbai-based bank is offering as many as 58.9 million shares at a discount of as much as 2 per cent to Tuesday's closing price of 1,596.30 rupees, the sources said, asking not to be identified before an official announcement. SBI shares rose 0.1 per cent here on Tuesday.