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State Bank of India (NSE:SBIN, BOM:500112) raised 46.9 billion Indian rupees Wednesday through the issue of perpetual bonds carrying a 7.75% coupon rate.The bonds have a call option after five years and every anniversary date following that, according to a Wednesday Indian bourse filing.
SBI Funds Management (NSE:SBIFUNDS, BOM:544829) closed 6.2% higher than its IPO price when it debuted on the Indian stock exchanges on Tuesday.The asset manager's shares closed at 609.75 rupees on Tuesday, valuing the company at 1.24 trillion rupees.The fund is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.
The initial public offering of SBI Funds Management was oversubscribed 41.66 times on its final day of bidding, according to data from the National Stock Exchange of India on Thursday.The fund is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.The IPO received bids for 5.19 billion shares against the 124.6 million shares on offer, the data showed.The Qualified Institutional Buyers segment led the demand, with subscriptions of 140.1 times, while the Non-Institutional Investors portion was subscribed 22.5 times. The retail individual investors category was subscribed 3.6 times.The IPO opened on July 14 and closed on Thursday, with shares expected to begin trading on July 21. It features a price band of 545 Indian rupees to 574 rupees per equity share.
State Bank of India (NSE:SBIN, BOM:500112) said Sunil Ramgopal Agrawal has joined the bank as chief financial officer-designate, effective July 15.Agrawal will assume the role of chief financial officer and become a key managerial personnel starting Aug. 1, according to a Wednesday stock exchange filing.
SBI Funds Management's initial public offering was oversubscribed on the second day of bidding, with investors placing bids for 162.5 million shares against 124.6 million shares on offer, exchange data showed.Non-institutional investors led demand with bids for 86.1 million shares against a quota of 23.2 million shares, while retail investors bid for 41.1 million shares against 54.1 million shares reserved for the category. Qualified institutional buyers subscribed for 8.2 million shares against their 30.9 million share quota.The IPO opened on July 14 and will close on July 16, with shares expected to begin trading on July 21.SBI Funds Management is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and Amundi.
The State Bank of India (NSE:SBIN, BOM:500112) lowered its offer-for-sale component in subsidiary SBI Funds Management's initial public offering to 30 investors for 16.55 billion rupees in a pre-IPO transaction.Following the filing of a red herring prospectus on July 8, the IPO will now comprise an offer for sale of up to 170.96 million shares, including up to 99.50 million shares to be sold by SBI and 71.45 million shares by Amundi India Holding, India's largest lender said in a July 11 filing.The IPO is subject to regulatory approvals and market conditions.
State Bank of India (NSE:SBIN, BOM:500112) agreed to sell a 1.42% stake in its subsidiary, SBI Funds Management, to 30 investors for 16.6 billion rupees in a pre-initial public offering transaction, according to a Thursday filing.The bank entered into share purchase agreements to sell an aggregate 28.8 million shares at 574 rupees apiece, subject to the fulfillment of conditions precedent.SBI Funds Management filed its red herring prospectus for its planned initial public offering on Wednesday.
India's largest lender, State Bank of India (NSE:SBIN), raised more than $1.5 billion from foreign-currency deposits under a special program launched in June for citizens based abroad, Bloomberg News reported Wednesday, citing people familiar with the matter.The bank is offering an interest of 5.25%-5.75% on foreign-currency deposits of up to $1 million and 5.5%-6% on deposits above $1 million, with tenures of three to five years, according to the report.Last month, the Reserve Bank of India offered banks full hedging-cost support on three- to five-year foreign-currency deposits, which allowed them to offer higher rates to boost their foreign exchange reserves during the US-Iran conflict, the report said.State Bank of India did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
SBI Funds Management is aiming to raise up to 116.9 billion Indian rupees through its initial public offering.SBI Funds is a joint venture between the State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.The company has set a price band of 545 rupees to 574 rupees per equity share for the IPO that is set to open on July 14 and close on July 16. The offer will be open to anchor investors on July 13, according to a statement by Amundi on Wednesday.Around 10% of the outstanding equity shares of SBI Funds will be divested through an offer for sale, including up to 6.3% by SBI, representing up to 128.3 million equity shares and up to 3.7% or up to 75.4 million equity shares by Amundi.SBI Funds Management is tentatively scheduled to commence trading on July 21.
State Bank of India (NSE:SBIN, BOM:500112) said its board has approved raising up to 600 billion Indian rupees through the issuance of debt instruments in fiscal 2027.The fundraising may be carried out through public offerings or private placements in Indian rupees or other convertible currencies, according to a Thursday stock exchange filing.The proposed instruments include long-term bonds, Additional Tier 1 bonds and Tier 2 bonds, subject to regulatory and government approvals where required.
The National Stock Exchange of India has initiated the process of its public listing by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Wednesday, according to the filing made the same day.The IPO consists entirely of an offer for sale, with existing shareholders collectively divesting 148.9 million equity shares, or around 6% stake in the exchange. The shares are proposed to be listed on the other Indian stock exchange, BSE.The selling shareholders include the largest seller, State Bank of India (NSE:SBIN, BOM:50011), offering up to 24.75 million shares. Others include MS Strategic (Mauritius), which will divest up to 16 million shares, while Canada Pension Plan Investment Board has offered up to 11.9 million shares in OFS.The offer price and timing of the IPO will be detailed at a later date.
Indian banks have raised interest rates on foreign currency non-resident bank deposits following recent regulatory changes by the Reserve Bank of India to attract overseas capital, Bloomberg reported on Wednesday.According to the report, Yes Bank (NSE:YESBANK, BOM:532648) and AU Small Finance Bank (NSE:AUBANK, BOM:540611) are offering rates of up to 7.1% to non-residents on five-year deposits.State Bank of India (NSE:SBIN, BOM:500112) and HDFC Bank (NSE:HDFCBANK, BOM:500180) are offering as much as 6% for the same tenure.The move follows measures announced by the central bank last week that give banks greater flexibility to offer higher rates on foreign-currency deposits as policymakers seek to attract foreign inflows and support the rupee, Bloomberg said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
State Bank of India (NSE:SBIN, BOM:500112) assigned a new responsibility to Deputy Managing Director Ratna Teja Dinakara Akella, appointing him as deputy managing director and group chief risk officer, according to an Indian bourse filing on Friday.
Bank lending in India grew 16.2% year-on-year through May 15, marking the fastest pace of growth since June 2024 as companies chose bank loans over bonds, owing to their lower borrowing costs, Bloomberg News reported Thursday.Local bond sales over the same period declined 11% to 10.9 trillion rupees. This could be a result of higher sovereign bond yields because of the U.S.-Iran war, which led the yields to rise 38 basis points to 7.04% since the conflict began, the report said.The higher benchmark bond yields have raised corporate borrowing costs, lowering firms' demand for bonds, despite speculations that the Reserve Bank of India will keep its interest rates steady on Friday, it said.Muthoot Microfin (BOM:544055, NSE:MUTHOOTMF) has moved nearly 50% of its funding to bank loans, lowering borrowing costs by roughly 75 basis points, the company's Chief Executive Officer Sadaf Sayeed said in an interview.State-run power transmission firm Power Grid Corporation of India (BOM:532898, NSE:POWERGRID) also secured a credit facility of up to 40 billion rupees from State Bank of India (NSE:SBIN, BOM:500112), the report said.Shares of Power Grid Corporation of India rose nearly 1% in recent trade, while those of State Bank of India added about 2%.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
SBI Life Insurance Company (NSE:SBILIFE, BOM:540719) appointed Ramesh Venkateshamurthy as deputy chief executive officer, effective May 29, according to a same-day filing on Indian bourses.Venkateshamurthy joins from State Bank of India (NSE:SBIN, BOM:500112), where he most recently served as general manager for YONO Retail and UPI in the bank's digital banking department, the filing said.
State Bank of India (NSE:SBIN) has an average rating of buy and mean price target of 1,208.49 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Indian benchmark indices ended lower on Friday as renewed geopolitical tensions in the Middle East and selling in banking stocks weighed on the market.The BSE Sensex fell 516.33 points, or 0.7%, to close at 77,328.19, while the NSE Nifty 50 declined 150.50 points, or 0.6%, to settle at 24,176.15.Sentiment remained cautious after reports of fresh clashes between U.S. and Iranian forces near the Strait of Hormuz. Investors also tracked developments around the proposed US-Iran peace deal. Iran reportedly said it is still reviewing America's latest proposal.Among stocks, State Bank of India (NSE:SBIN, BOM:500112) dropped 7% after reporting a marginal rise in consolidated Q4 profit to 196.4 billion rupees from 195.0 billion rupees a year earlier. Earnings per share slipped to 21.28 rupees from 21.96 rupees despite higher interest income.RailTel Corp. of India (NSE:RAILTEL, BOM:543265) fell 2% despite securing an order of 249.1 million rupees from The New India Assurance Company for an AI and machine learning-based fraud monitoring solution.
State Bank of India's (NSE:SBIN, BOM:500112) consolidated net profit rose to 196.4 billion rupees in the fiscal fourth quarter ended March 31, from 195.0 billion rupees a year ago.Earnings per share came in at 21.28 rupees from 21.96 rupees a year ago, according to a Friday filing to the Indian stock exchanges.Interest earned by the lender in fiscal Q4 also increased to 1.310 trillion rupees from 1.268 trillion rupees a year ago.The bank's board declared a dividend of 17.35 rupees per equity share for the financial year ended March 31, to be paid on June 4.The lender's shares were down over 6% in recent trade.
ICICI Bank's (NSE:ICICIBANK, BOM:532174) fiscal fourth quarter profits after tax grew by 8.5% on-year to $1.4 billion, while total advances, or loans, grew 15.8% on-year in the same period, the financial house reported on Saturday.Bank ICICI reported that it extended loans heavily to the business side of its loan portfolio in the fiscal fourth period and year, ended March 31.While the bank's retail loan portfolio grew by 9.5% on-year in the fourth period, the ICICI business-loan portfolio grew by 24.4%on-year, reported ICICI.Meanwhile, total ICICI Bank deposits increased by 11.4% on-year to $189.2 billion, at the end of the fiscal fourth quarter.The bank operation is well-capitalized, said ICICI.The bank's total capital adequacy ratio at the end of the fourth period was 17.18% and the common equity tier 1 (CET1) ratiowas 16.35%, which was above the regulatory requirements of 11.70% and 8.20% respectively, advised ICICI.Based on the financial results, the ICICI board recommended a dividend equivalent to $ 0.25 per ADS (American Depositary Share)..Established in 1955, ICICI Bank is part of the ICICI Group. It was established by the World Bank, the Government of India, and industry representatives to foster industrial development.ICICI is one of India's largest financial houses, and is regarded as one of three domestic "systemically important banks" by the central bank Reserve Bank of India (RBI). The other two such banks are HDFC Bank (NSE:HDFCBANK, BOM:500180, HDB) and the State Bank of India (NSE:SBIN, BOM:500112).ICICI shares on Monday closed up 0.9%.
