SBI Board to meet this week to consider fundraising

Country's largest lender State Bank of India today said its Board will meet later this week to consider a proposal to raise Rs 8,800 crore from the government.

The bank said its Board will also consider implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.

"The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of government of India to the tune of Rs 8,800 crore," State Bank of India (SBI) said in a BSE filing.

The government on October 24 last year had unveiled a Rs 2.11 lakh crore two-year road map for strengthening NPA-hit PSBs, which includes re-capitalisation bonds, budgetary support and equity dilution.

Shares of SBI were trading 2.96 per cent down at Rs 288.90 per scrip on the BSE.