SBI QIP opens on Wednesday at floor price of Rs 811.05/share

New Delhi, Jul 16 (PTI) State Bank of India's institutional placement of shares via QIP opened on Wednesday at a floor price of Rs 811.05 apiece.

In May, the board of the country's largest bank SBI had approved raising up to USD 3 billion (about Rs 25,000 crore) funds through public offer or private placement in the current fiscal. Thereafter, the shareholders had cleared the fundraising plans in June.

In a regulatory filing, SBI said its Committee of Directors at its meeting held on Wednesday approved the floor price of the issue at Rs 811.05 a share and authorised the opening of the issue on July 16.

SBI aims to raise up to Rs 25,000 crore through the Qualified Institutional Placement (QIP) of shares.

The floor price is at a 2.3 per cent discount to Wednesday's closing price of SBI shares on BSE. Shares of SBI closed at Rs 831.55, up 1.81 per cent over the previous close on BSE.

Earlier in the day, SBI said its central board has approved raising up to Rs 20,000 crore by bond issuances to domestic investors in the current fiscal. PTI JD SHW