It took a little over three years for State Bank of India (SBI) to overwhelm the markets with the sale of its shares to institutional investors (called qualified institutional placement or QIP in banking parlance).

In January 2014, SBI struggled to raise just over Rs 8,000 crore, way below the targeted Rs 9,600 crore, which, many believed, was a bailout by Life Insurance Corporation of India (LIC). Many foreign institutional investors (FIIs) skipped the issue then over difference on pricing and concerns over bad assets.

Mumbai, Jun 8 () Country's largest lender SBI today said it has raised Rs 15,000 crore by selling 52.2 crore shares through qualified institutional placement (QIP), the largest share sale in the secondary market by a bank.

SBI had opened the share sale through private placement on June 5.

State Bank of India (SBI) is understood to have received bids worth around Rs 22,000 crore in response to the placement of shares for around Rs 15,000 crore at a floor price of Rs 287.58 apiece. “The response has been very good and most of the bids came in at the top end of the price range,” said an investment banker. Investment bankers said among those who participated were Fidelity, Blackrock, Temasek, Capital, Wellington and Life Insurance Corporation. SBI will finalise the pricing later this week and will offer a discount of anywhere between 0% and 4% to the closing price on Monday.

The State Bank of India (SBI), the country’s largest lender, has launched share sales through private placement to raise about Rs 11,000 crore to shore up its capital adequacy ratio.

This is part of the plan to mop up Rs 15,000 crore from the markets in the current fiscal year.

St. Petersburg: The State Bank of India expects to complete a planned share sale by year-end, probably through a qualified institutional placement (QIP), bank Chairman Arundhati Bhattacharya said on Friday.

SBI, India’s biggest lender by assets, has shortlisted six banks to manage the sale that could be worth up to $2.3 billion.

Mumbai: The government has directed State Bank of India (SBI) to find strategic investors for Asset Reconstruction Company (India) Ltd, or Arcil, noting its importance in the resolution of stressed assets, said two senior officials with the country’s largest lender. They spoke on the condition of anonymity because the discussions are private.

Mumbai: State Bank of India, the country’s largest lender by assets, picked Bank of America Corp. and Deutsche Bank AG to arrange a share sale that could raise about $2 billion, people with knowledge of the matter said.

The lender also chose IIFL Holdings Ltd., Kotak Mahindra Bank Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. to work on the offering, according to the people, who asked not to be identified because the information is private. SBI aims to start the share sale as soon as next month, the people said.

Coding enthusiasts have another hackathon to look forward to. State Bank of India has flagged off Code For Bank to drive digital banking innovation.

The hackathon is open to developers, start-ups and students in teams of up to five. Teams can register their ideas by May 29. The hackathon will be held between June 6 and 20. Applications have to be developed using SBI’s internal APIs (code), external APIs and a combination of both. Finalists stand a chance to win monetary rewards of ~1 lakh to ~5 lakh, said the bank in a statement.

SBI did not disclose financials and asset quality for the subsidiaries, but we imply the performance from the consolidated financials . SBI’s stand-alone Gross NPA of 7.2% and consolidated Gross NPA of 9.1% implies a 17.5% Gross NPA for the associate banks from ~14.5% NPAs in Q3FY17.

The associate bank’s NPA performance implies a net slippage of Rs 137 billion in Q4FY17 which is 4.5% of loans, and this is after a recognition of ~10% of loans as NPAs in 9MFY17 leading to total net slippage of ~15% in FY17.

Generation of new non-performing assets (NPAs) is slowing down for the country's largest banker State Bank of India.

While there would be short-term pain as the banking sector goes for NPA resolution under new guidelines, the effort of the government to ease pains of different sectors would improve the situation through the course of the year to a large extent, helping SBI emerge taller, sharper and healthier in the next financial year.

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