STATE BANK OF INDIA - Outcome of Board Meeting

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STATE BANK OF INDIA - Outcome of Board Meeting

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14 Nov 2014
State Bank of India has informed BSE that the Board of Directors of the Bank at its meeting held on November 14, 2014, inter alia, has accorded its approval to the Bank as under:-<br/><br/>1. To initiate the process of getting equity shares of Bank delisted from all four regional Stock Exchanges, where the equity shares are presently listed i.e. Madras Stock Exchange Ltd. (MSE), Delhi Stock Exchange Ltd. (DSE), Ahmedabad Stock Exchange Ltd. (ASE) and Calcutta Stock Exchange Ltd. (CSE), in terms of applicable SEBI rules and Regulations; and<br/><br/>2. Under Section 5 (2) of the State Bank of India Act, 1955, to create, offer, issue and allot Equity Shares of Rs. 10 each (post-split Rupee 1 each), ranking pari-passu with the existing equity shares of the Bank in all respects, including payment of dividend, such amounts as will dilute the Gol shareholding to the level approved by Gol, from the market or Government of India, by way of Preferential Issue/QIP/FPO/Rights Issue/GDR/ADR and/or any other mode(s) or a combination(s) thereof, as may be approved by Gol and RBI, such number of Equity Shares of Rs. 10 each (post-split, Rupee 1 each), as may be decided by the Committee of Directors for Capital Raising, during FY:15 and FY:16; and<br/><br/>3. The Board also authorized the Committee of Directors for Capital Raising to decide on number of tranches and timing of issue(s) and the quantum thereof to raise the additional Non-Equity capital, by way of AT-1 and/or Tier II bonds in USD/INR considered as regulatory capital under Basel III guidelines, to be issued to Indian and/or overseas investors, in one or more tranches, during FY;15 and FY;16. through a Public offer and/or Private placement.
View all announcements for STATE BANK OF INDIA	Source: BSE India

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