SBI

has raised Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund business growth. The committee of directors at its meeting held on Monday approved the closure of the issue pursuant to the receipt of application forms and the funds in the escrow account from the eligible Qualified Institutional Buyers (QIBs) in accordance with the terms of the issue, SBI said in a regulatory filing. The meeting also approved the allocation of 30,59,97,552 equity shares att an issue price of Rs 817 per share of face value of Re 1 each, including a premium of Rs 816 apiece, it said.