In a deal believed to be the second largest Indian equity offering to date, the State Bank of India (SBI) has completed a US$4.38 billion equity rights issue. UK law firm Allen & Overy advised the bank on the deal.
Shareholders were offered one share for every five owned on the record date at an offer price of Rs1,590 (about US$39.60). The offer was also extended to SBI’s global depository receipt (GDR) holders on the basis of one new GDR for every five GDRs held.
SBI received applications for more than 110 million equity shares, including a US$2.5 billion subscription from the Indian government. The issue was open to existing shareholders between 18 February and 18 March and shares were allotted on 29 March.
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