SBI planning rights issue after 1st qtr of FY12

27/03/2011 00:00 AST

State Bank of India (SBI), India's top lender, will launch its 200 billion rupee ($4.5 billion) rights equity issue after the first quarter of the fiscal year beginning in April, its chairman said on Sunday.

"For this financial year, it will be too late, so it will happen next year. I don't think it will be in the first quarter," SBI Chairman OP Bhatt told reporters on the sidelines of an industry conference in Mumbai.

A failure to secure approvals from the government, which owns about 59% of the bank, delayed the launch of the issue, local media reported last month.

The issue, announced last February, will raise half the amount needed to sustain the bank's growth over the next five years.


Reuters

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