SBI board approves raising equity capital of Rs 15,000 crore in FY18

State Bank of India's (SBI) board has approved the raising equity capital of up to Rs 15,000 crore in FY18.

This will be done by way of FPO, rights issue, QIP, depository receipts and any other mode or a combination of these.

It further said that it would be subject to approval of the Government of India and the Reserve Bank of India (RBI).

The government holds 58.6% stake in SBI as of December 31, 2016.

It board further gave the approval for infusing additional capital of up to Rs 1,160.04 crore in credit card joint venture companies by buying back its shares.

This companies include SBI Cards & Payment Services Ltd and GE Capital Business Process Management Services Ltd through purchase of equity shares from GE Capital. This will increase the bank's stake in both the companies to 74%.