State Bank of India on Wednesday said it plans to raise about Rs. 11,000 crore to ensure compliance with Basel III norms.
"The committee of directors for capital raising at its meeting held on Aug. 24, 2016 authorised bank (SBI) to raise up to Rs. 11,000 crore additional Tier 1 capital, by way of issue of Basel III compliant perpetual Debt instrument in USD and INR, at par, through private placement to overseas and Indian investors," SBI said in its regulatory filing to the Bombay Stock Exchange.
Meanwhile, SBI also informed the stock exchanges about an advisory by the Indian Bank Association that bank unions are planning to go on strike on Sept. 2, 2016.
"All India State Bank Officers' Federation the majority association of officers in the Bank is affiliated to AIBOC, which is also a signatory to the strike call and recognized Union of Workmen in the Bank is not affiliated to any of the above union," SBI said in another regulatory filing.
SBI's banking operations are expected to get impacted by the strike. As many as five lakh bank employees are likely to participate in the strike on Sept. 2.
Last week, Coal India Limited had informed about the Sept. 2 strike in a regulatory filing to the BSE. Several trade unions and Coal India Limited employees have listed out 13 demands in the charter. The demands are hike in minimum monthly salary, halt to disinvestment of public sector undertakings, increased gratuity, discontinue the practice of recruiting people on contract basis and regularize employment of those hired on contractual terms.
Shares of State Bank of India closed at Rs. 250 on Thursday, down 1.81 percent on the BSE.
