New Delhi: The government on Feb 21 approved issuing special marketable securities worth Rs 9,995.99 crore to subscribe to State Bank of India''s rights offer.The Cabinet, which met in New Delhi on Thursday, gave its approval to modify an earlier decision to give SLR (statutory liquidity ratio) status to the government securities. The issuance of such securities would have allowed SBI to meet a part of its SLR requirement.
Under SLR provisions, banks have to park 25 per cent of their deposits in government bonds. SBI has decided to raise Rs 16,736.31 crore by issuing about 10.5 crore shares on a rights basis. The issue, which opened on February 18 will close on March 18.
Under SLR provisions, banks have to park 25 per cent of their deposits in government bonds. SBI has decided to raise Rs 16,736.31 crore by issuing about 10.5 crore shares on a rights basis. The issue, which opened on February 18 will close on March 18.
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