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Tuesday, March 14, 2006

SBI plans follow-on offer in July-Sep



State Bank of India, SBI, may go in for a follow-on public offer in the second quarter of the next fiscal, reports The Financial Express.

Addressing on the sidelines of a Ficci seminar, SBI Chairman AK Purwar said, “The public offer is likely to be worked out during July-September 2006.” He, however, did not say how much the bank planned to raise from the offer.

That apart, Purwar said the bank was exploring the option of stock split. SBI shares, which currently have a face value of Rs 10, were likely to be split into shares of Rs 5 each. The bank also planned to raise over Rs 3,000-4,000 crore (Rs 30-40 billion) debt during the next financial year.

As on December 31, 2005, the government through the Reserve Bank of India held 59.73% in SBI. While the public holds 6.41%, the rest is held by FIIs, mutual funds, financial institutions.

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