THE State Bank of India (SBI), country's largest lender, on February 11 began its largest-ever fund raising drive to raise up to Rs 15,000 crore by selecting nine investment bankers, including Goldman Sachs, Barclays Plc and Bank...of America Merrill Lynch (BofA-ML), says a media report.
Citi, SBI Caps, Axis Bank, JM Financial, ICICI Securities and Kotak Mahindra Bank are the other merchant bankers appointed for the share sale.
SBI last month announced to mop up Rs 15,000 crore through a public offer, which will include rights issue to fund business and meet global capital adequacy norms.
The fund would be raised either through follow-on public issue, qualified institutional placement, rights issue, private placement, Global Depository Receipt, American Depository Receipt or combination of these, the bank had said.
SBI, in the previous fiscal, had raised Rs 8,032 crore by selling shares through the qualified institutional placement route.
Last month, the government had announced to infuse Rs 2,970 crore in SBI under its Rs 11,200 crore capitalisation plan for public sector banks announced in the Budget for 2014-15.
In the first tranche of capital infusion, the government will inject Rs 6,990 crore in nine public sector banks.Besides SBI, the government will inject Rs 1,260 crore in Bank of Baroda, Rs 870 crore in Punjab National Bank and Rs 570 crore in Canara Bank.