SBI raises $1.2bn via share sale-sources

State Bank of India, the country's biggest lender, today raised $1.2 billion through a share sale, less than its target of $1.5 billion, three sources with direct knowledge of the deal said.

State Bank of India, the country's biggest lender, on Wednesday raised $1.2 billion through a share sale, less than its target of $1.5 billion, three sources with direct knowledge of the deal said.

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The state-run bank, which accounts for a quarter of the country's loans and deposits, sold 49.64 million shares to institutional investors at Rs 1,565 each, said the sources, declining to be named before an official announcement.

SBI had launched the share sale on Tuesday with a price band of Rs 1,565-1,596 a share, a discount of up to 2%.