SBI rights issue opens today
The rights issue of the State Bank of India SBI , will open for subscription today, February 18.
SBI is offering one share for every five held in the rights offer which will end on March 3. The bank will raise Rs 16700 Crs through the issue priced at Rs 1,590 a share.
This is the first rights issue by a public sector bank. The government holds 59.73% in SBI and retail investors hold 5.96% per cent in the bank.
Rights issue is an invitation to existing shareholders to acquire additional shares at a price that is normally lower than the current market price of the old shares
