How SBI can retain 4500 crore of retail portion ? SBI declared only 1000 crore from retail investorbefore the issue. It is totally illegal. If SBI will retain 4500 crore from retailers, we should think for legal action.
NEW DELHI: The Government has pushed back the Rs 11,500 crore share sale of state-owned Oil and Natural Gas Corp (ONGC) to next fiscal and the public offering is now slated to open on April 5, a senior official said today.
The follow-on public offer (FPO) was originally scheduled to open on March 15 but has now been rescheduled.
"The rescheduling is partly because of delay in appointment of independent directors on ONGC board to fulfil SEBI's listing requirement," he said.
As per the schedule now drawn, the FPO would open on April 5 and close on April 8.
Friends, SBI Chairman Just announce that they will retain Rs 5500 cr from SBI Bond. Which means retail investors will get firm allotment. Retail contribution Rs 4500 cr & others Rs 1000 cr Totalling to Rs 5500 cr. Enjoy.................
State Bank of India received subscriptions for Rs 8,580 crore for a bond sale, or more than 8.5 times the minimum on offer, two sources with direct knowledge told Reuters on Tuesday.
The state-run bank aimed to raise Rs 1,000 crore, with a greenshoe option for an equal amount. However, the bank said in its prospectus it had the option to retain up to Rs 10,000 crore if subscriptions from retail investors were more.
The bank, which along with its associates controls about a quarter of all loans in India, is raising the money to meet its assets growth. Demand for loans in India expanded 23.9% on year as of Feb. 11.
Retail investors put in bids for Rs 4,572 crore, compared with the minimum Rs 500 crore offered, said the sources who could not be identified as they were not authorised to speak to media.
For rich, or high net worth, individuals, the subscription was Rs 508 crore and for qualified institutional buyers it was Rs 3,501 crore, compared with the minimum offer of Rs 250 crore each, they said.
"These are provisional figures as there are some more applications left," said one source.