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SBI mega share sale soon

State Bank of India is planning a mega share sale, which is expected to fetch some Rs 15,000 crore. The issue may hit the market anytime, according to reports. Th bank said it has all the approvals in place for the issue, but added timing for its launch has not been decided yet. The bank is likely to launch an investor roadshow very soon. The board and shareholders of the bank had approved the proposed QIP issue to raise Rs 10,000 to Rs 15,000 crore from the markets, which would make it the largest ever issue from a domestic institution. In February, the bank had kicked off its largest-ever fund raising drive by picking up as many as nine investment bankers, including Goldman Sachs, Barclays and Bank of America Merrill Lynch. The other merchant bankers appointed for the share sale are SBI Caps, Citi, Axis Bank, JM Financial, ICICI Securities and Kotak Mahindra Bank. The bank had earlier announced that it may raise up to Rs 15,000 crore through a public offer, which will include rights issue, to fund business and meet global capital adequacy norms. The fund would be raised either through follow-on public issue, QIP, rights issue, private placement, global depository receipts, American depository receipts or combination of these, the bank had said.

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