The State Bank of India plans to complete share sale through a qualified institutional placement (QIP) and has shortlisted six banks to manage the sale. The share sale is expected to be worth up to $2.3 billion and will be carried out by the end of the year according to SBI Chairman Arundhati Bhattacharya.
Selling shares through a QIP allows a listed company to issue equity shares and other securities to a select group of institutional buyers.. The SBI Chairman has said the sale through QIP is a good way of raising funds as it brings more investors to India while also reassuring long time supporters.