(Reuters) -State Bank of India, the country’s largest lender by assets, launched a 250 billion rupee ($2.9 billion) share sale to institutional investors on Wednesday.
The so-called floor price of the fundraise is 811.05 rupees per share, a 2.5% discount to the Wednesday’s closing price, according to an exchange filing.
In May, the lender approved raising up to 250 billion rupees through modes including a so-called qualified institutional placement, which is used by listed Indian companies to raise funds from large institutions.
Earlier in the day, SBI approved raising up to 200 billion rupees through bonds during fiscal year 2026.
Shares of the bank ended 1.9% higher on the day, while the benchmark Nifty 50 index closed largely flat.
($1 = 85.9150 Indian rupees)
(Reporting by Nishit Navin Manvi Pant; Editing by Mrigank Dhaniwala and Rashmi Aich)
