SBI's $2.4 billion share sale likely in June: sources
.jpg)
State Bank of India's plan to raise up to Rs 15,000 crore ($2.4 billion) via a share sale will now likely take place in June instead of April due to a fall in the lender's stock price, three sources directly involved in the process told Reuters.
Shares of the country's biggest lender by assets have fallen 8.5% since February-end.
A SBI spokesman was not immediately reachable for comment.
State-run SBI received shareholders' approval to raise funds in February as part of efforts to strengthen its balance sheet on hopes of a pickup in loan demand in Asia's third-largest economy.
The share sale would happen via the "fast track" follow-on offering route, said the sources. Under the fast-track process, select large companies are exempted from complying with the market regulator's disclosure and filing requirements.
The government has asked the bank to decide on the timing of the FPO during its quarterly results between May 23-25, the sources added.
SBI has selected eight investment banks, including Axis Bank, Bank of America Merrill Lynch, Barclays, JM Financial, and Kotak Mahindra Capital to advise on the sale.
Other Latest News
.webp)
During Apple’s quarterly earnings call on May 2, Apple's CEO Tim Cook pointed out generative artificial intelligence as the company’s next frontier. According to a report by 9To5Mac, while talking about Apple’s annual Worldwide Developers Conference (WWDC), which is scheduled for June 10, the Apple CEO said that he is excited to reveal what the company has been working on.
Tim Cook did not point out the AI features that the company is working on for its ecosystem.
.webp)
Former Delhi deputy chief minister Manish Sisodia approached the high court on Thursday seeking bail in the corruption and money-laundering cases lodged by the CBI and the ED respectively in relation to the alleged excise policy scam.
The bail pleas are scheduled for hearing before Justice Swarana Kanta Sharma on Friday.
Sisodia approached the high court after a trial court refused to grant him bail in the matter on April 30.
.webp)
Six Adani Group firms have come under the Securities and Exchange Board of India (Sebi) lens and have received show-cause notices for alleged breaches in related party transactions and non-compliance with listing regulations, said the companies in their regulatory filings to the stock exchanges.
Among these, Adani Enterprises, the flagship of Gautam Adani's business empire, disclosed the receipt of two show-cause notices during the quarter ending on March 31.
.webp)
Abu Dhabi Investment Authority (ADIA) and investment management company KKR have made investments in Reliance Retail Ventures Limited (RRVL) warehousing assets, in a transaction valued at Rs 12,864 crore ($1.5 billion), according to a report in The Economic Times (ET).
This investment is separate from the infrastructure investment trust (InvIT) established by RRVL last year, which was intended to accommodate approximately half of its retail warehousing assets.
.webp)
The Reserve Bank of India's decision to lift curbs on Bajaj Finance's two products, earlier than expected, sent the stock on a tear. Bajaj Finance stock soared 7.5 per cent to Rs 7,400 in Friday's intraday trade as against 0.6 per cent rise in the benchmark S&P BSE Sensex. This was the stock's biggest single-day rally in three years.
Bajaj Finance stock had hit a record high of Rs 8,190 on October 6, 2023.
.webp)
.webp)
.webp)
.webp)
.webp)
