BENGALURU (Reuters) -State Bank of India, the country’s largest lender by assets, said on Monday it has raised 250 billion rupees ($2.90 billion) by selling shares to institutional investors.
The lender approved the allocation of 306 million shares to the investors at an issue price of 817 rupees each.
State-owned Life Insurance Corp said it bought SBI shares worth 50 billion rupees, raising its stake in the lender to 9.49% from 9.21%.
In May, the lender had approved the fundraise through modes including a so-called qualified institutional placement, which is used by companies to raise funds from large institutions.
($1 = 86.2460 Indian rupees)
(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala and Shailesh Kuber)
