SBI - the PSU bank launches ₹25k crore QIP

SBI share price ended 1.87 per cent higher at ₹831.70 apiece on Wednesday, extending gains to the fourth consecutive session. SBI's board on Wednesday, July 16, approved the launch of a qualified institutional placement (QIP) of fully paid-up equity shares of the company at a floor price of ₹811.05 per equity share, which is at a 2.3 per cent discount to the last closing price of ₹830.5 on the NSE. The issue opened on Wednesday, July 16. The bank may offer a maximum 5 per cent discount on the floor price calculated for the QIP. The bank will determine the issue price after consulting the book-running lead managers.