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Wednesday, June 9, 2010

SBI to raise Rs 20,000 cr via rights issue

Country's largest lender SBI today said it was planning to mop up Rs 20,000 crore from rights issue by this fiscal end.

"We are expecting to raise Rs 20,000 crore from rights issue," SBI Chairman O P Bhatt told reporters on the sidelines of a CII event in New Delhi.

He said the issue may come by this fiscal end since the bank is currently talking to the Government about it.

"It is still at the conversation stage (with the government). That is why, if at all it comes up, may be it would be coming up towards the end of this fiscal," Bhatt said.

On the liquidity in the system, SBI said it will remain tight in June due to payment towards 3G spectrum auction and expected outgo for broadband wireless access (BWA).

However,the liquidity position should ease by next month, he said.

Over Rs 67,000 crore was paid by telecom operators for spectrum for third generation telephony. The BWA auction so far will lead to cash outgo of Rs 34,000 crore.

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