SBI QIP News: State Bank of India (SBI), India’s largest government bank by market cap, has raised Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund business growth.
The committee of directors 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, SBI said in a regulatory filing.
The meeting also approved the allocation of 30,59,97,552 equity shares at an issue price of Rs 817 per share of face value of Re 1 each, including a premium of Rs 816 apiece, it said. The panel also finalised the allocation note to be sent to the eligible QIBs, intimating them of allocation of equity shares pursuant to the issue. Currently, the market capitalisation of SBI stands at Rs 7.36 lakh crore, as of July 21.
LIC buys SBI shares worth Rs 5000 crore
Life Insurance Corporation of India (LIC) has increased its stake in SBI after acquiring over 6.1 crore shares at Rs 817 each by participating in the bank’s recently completed QIP. LIC made a total investment of Rs 5,000 crore. Its stake in the bank has now increased from 9.21 per cent to 9.49 per cent. This was done through the QIP, and the share would be credited on July 23, 2025.
SBI last QIP
SBI’s central board in May this year approved the fundraising of about Rs 25,000 crore through private placement in FY26. Thereafter, the shareholders had cleared the same in June. SBI had last raised Rs 15,000 crore in 2017-18 through the QIP route.