(Reuters) -Indian state-owned banks will raise around 450 billion rupees ($5.25 billion) through qualified institutional placement (QIP) of shares in the 2025-26 financial year, a government source told reporters on Wednesday.
State Bank of India, the country’s biggest lender by assets, will launch its QIP soon, the source said. The bank had in May approved raising 250 billion rupees in equity capital this year.
The government will also complete its stake sale in IDBI Bank by October and also plans to sell shares in UCO Bank, Bank of Maharashtra, Central Bank of India, Punjab & Sind Bank and Indian Overseas Bank in the financial year, the source added.
Prime Minister Narendra Modi’s government laid out plans in this year’s budget to raise 470 billion rupees through stake sales and asset monetisation.
India’s finance ministry and SBI did not immediately respond to Reuters requests for comment outside office hours.
($1 = 85.6900 Indian rupees)
(Reporting by Nikunj Ohri in New Delhi; Writing by Chris Thomas; Editing by Shailesh Kuber)
