Market regulator SEBI has given the nod for State Bank of Bikaner and Jaipur (SBBJ), the largest associate bank of SBI, to raise up to Rs 800 crore through a rights issue.
According to Securities and Exchange Board of India (SEBI) data, SBBJ filed its application with the regulator on December 15 last year.
In December, 2010, the board of directors of the bank had approved a draft letter of offer for raising Rs 800 crore through a rights issue.
SBI currently holds a 75% stake in SBBJ and therefore, will have to subscribe to 75% of the rights issue to maintain its stake.
SBBJ posted a 48% rise in net profit to Rs 127.52 crore for the second quarter of the 2010-11 fiscal. The lender had reported a net profit of Rs 90.13 crore for the same period in the previous fiscal.
For the half-year ending September 30, 2010, SBBJ's net profit was Rs 230.66 crore, the bank added. It declared an interim dividend of Rs 7.2 per share for the financial year based on the results.
Shares of the bank were trading at Rs 526.15 on the Bombay Stock Exchange today, down 1.31% from their previous close.
Source: www.moneycontrol.com
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