State Bank of India’s Committee of Directors for Capital Raising has accorded its approval to fix the issue price at Rs. 269.59 per share of face value of Re.1 each, including a premium of Rs.268.59 per share, and accordingly, to issue 21,07,27,400 equity shares on preferential basis to the Government of lndia for a consideration of Rs. 5,681 crore.
These shares will rank pari-passu with the existing equity shares of the bank, in all respects, including payment of dividend, if any, SBI said in a stock exchange notice.
The issue of shares on preferential basis is subject to the approval of Reserve Bank of India and Government of India under section 5(2) of the State Bank of India Act and shareholders of the bank.