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SBI to float share sale

State Bank of India has launched a share sale to raise up to $1.5 billion, which in effect is the country’s biggest equity offering in almost a year. The bank will use the proceeds to boost its domestic and overseas banking operations. However, the bank did not officially mention anything about the proposed issue. SBI is selling shares to institutional investors in a range of Rs 1565-Rs1596 a share, a discount of up to 2% on the market price of the share. A large number of companies, including state banks, have delayed their plans to raise funds by selling shares due to poor investor sentiment due to an economic slowdown and sluggish earnings growth.

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