SBI to raise Rs 20,000 crore through India’s biggest rights issue

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The country’s largest lender State Bank of India (SBI) has sought government’s permission to issue Tier I capital this financial year finance its expansion.The bank would be raising Rs 20,000 crore and it would be one of the biggest rights issue of the country.

The Rs 20,000 crore rights issue would include a government contribution of nearly Rs 12,000 crore in cash instead of bonds.

The bank has earlier raised Rs 16,376 crore through a rights issue in March 2008, in which the government had contributed over Rs 10,000 crore to subscribe to its share.

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