SBT’s Rs. 474.03 cr rights issue opens on March 17

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Trivandrum: State Bank of Travancore’s Rs. 474.03 crores rights issue will open on March 17, 2015 (Tuesday) and the funds garnered through the issue will be utilized towards increasing the capital base of the bank. The issue will close on March 31 this year.

The Thiruvananthapuram based State Bank of Travancore (SBT) is a subsidiary of State Bank of India (SBI) which holds 78.91% of shares in SBT.

The Bank’s shares are listed on the National Stock Exchange, BSE Ltd, Madras Stock Exchange and Cochin Stock Exchange. The Issue seeks to mobilize Rs. 474.03 crores through sale of over 1.18 crores equity shares of face value Rs. 10 each.

The equity shares are being offered on a rights basis to the Bank’s shareholders in the ratio of one equity share for every five equity shares held as on the record date of March 4, 2015.

The Issue is of 1,18,50,694 equity shares with a face value of Rs. 10 each for cash at a price of Rs. 400, including a premium of Rs. 390 per equity share. The Bank intends to utilize the net proceeds to meet the capital requirements and growth in its assets, primarily the loan and investment portfolio. The issue is being managed by BOB Capital Markets and SBI Capital Markets.

The composite application forms have been dispatched to the shareholders the Bank said in a statement. The Bankers to the issue are State Bank of Travancore, State Bank of India and HDFC Bank.

Applications will be accepted at 55 identified Branches of SBT, SBI, and HDFC. ASBA applicants can apply through any designated Branch of any SEBI registered ‘Self Certified Syndicate Bank (SCSB)’. The list of banks acting as SCSB for the Issue is given in the composite application form.

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