State Bank of India (SBI) on Saturday announced it will get Rs. 3,004 crore as part of the government’s capital infusion plan for the current fiscal.
The fund infusion will enable the bank to support national and international banking operations undertaken through its subsidiaries and associates, SBI said in a BSE filing. “The central board of the bank in its meeting today has approved infusion of capital funds in the bank by the Government of India to the tune of Rs 3,004 crore during 2012-13,” it said.
The capital will be infused by way of preferential allotment of equity shares to the government. The proposal is subject to necessary regulatory approvals, it said.
Last fiscal, the government had infused Rs. 7, 900 crore in SBI to increase the Tier-I capital of the country’s largest bank.
Following the capital infusion in March 2012, the government holding in SBI rose to 61.58 per cent from 59.4 per cent. The government approved infusion of Rs. 12,517 crore in around 10 state-owned banks by March.
