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SBI to go for public offer next fiscal

State Bank of India is likely to go for a follow-on public offer in the second quarter of next fiscal.

india Updated: Mar 10, 2006 15:40 IST

Country's largest bank State Bank of India said on Friday thatit is likely to go for a follow-on public offer in the second quarter of next fiscal.

"The public offer is likely to be worked out during July-September 2006," SBI Chairman AK Purwar said on the sidelines of a seminar.

He, however, did not say how much amount the bank was expecting to raise from the offer.

Purwar said the bank is considering a stock split and will also raise Rs 3,000-4,000 crore in debt in the next financial year.

At present, the bank's share is priced at Rs 10 face value and the share is likely to be split to Rs 5 each.

SBI is also in talks to acquire a bank in Bangladesh, he said.

First Published: Mar 10, 2006 15:40 IST