There is likelihood of a base rate cut in the first quarter of FY16, said VG Kannan, MD, State Bank of India.
With the forthcoming over Rs 2900-crore preferential issue to government as part of its capital infusion plan this fiscal, the capital adequacy ratio (CAR) of the bank will go up from 10.66% to 11.1 percent is the word coming in from VG Kannan, MD, State Bank of India .
SBI on Saturday fixed Rs 295.59 per share as price for its forthcoming over Rs 2900-crore preferential issue to government as part of its capital infusion plan this fiscal. Last month, the government had announced to infuse Rs 2,970 crore into India's biggest bank under its Rs 11,200- crore capital infusion plan for nine large public lenders.
According to him, the ratio of allotment to the government will be as per Sebi formula.
Answering a query on the expected qualified institutional placement (QIP), Kannan said the bank had an enabling resolution to raise Rs 15,000 crore but the timeline and exact amount was not yet decided.
He also denied the news report of the bank rejecting USD 1 billion loan to Adani Enterprises and said the matter was still in process and decision was still pending.
When asked if the bank would look to cut base rates further, Kannan said in case the cost of funds were to go down then the bank would surely pass it on. There was likelihood of a rate cut in first quarter of FY16.
transcript to follow
SBI stock price
On March 16, 2015, at 11:05 hrs State Bank of India was quoting at Rs 283.00, up Rs 2.15, or 0.77 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 163.01.
The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.04. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.79.
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