30 Nov 07 SBI Rights Issue approved by the Cabinet

The SBI Rights Issue was approved by the Cabinet today. SBI is India’s largest PSU bank. While many banks raised capital to meet the strong credit demand, SBI had its hands tied because of lack of government and regulatory approvals for raising capital. The approval of the rights issue is a major boost for SBI. This was seen in the surge of share prices of SBI today as soon as the news of the rights issue approval hit the market during trading hours today. SBI Rights Issue ratio and SBI Rights Issue record date will be updated here as soon as they are announced.

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