SBI ties up with INOX Leisure

Last day, State Bank of India informed that it is going to raise Rs 5,681 crore by issuing preferential shares to the central government, its majority shareholder. It’s filling read that the Committee of Directors for Capital Raising of the Bank has accorded its approval to settle the issue price at Rs 269.59 per share of face value of Rs. 1 each, which includes a premium of Rs. 268.59 per share and accordingly, to issue 21,07,27,400 equity shares on preferential basis to Government of India, for a consideration of Rs. 5,680.99 crore.

Previously in this month, SBI had said it would also take fresh approval in order to raise up to Rs 15,000 crore via different means, like public offer and overseas issuance of shares. The raised funds are going to aid the bank meet global risk norms, Basel III, which will push in from March 2019.

As the trading session closed on 25th Nov, SBI share price settled below 0.34 per cent at Rs. 260.95.

Furthermore, the leading multiplex chain in country, INOX Leisure has launched a new initiative to make the process of cash withdrawal easier for the common man while supporting the demonetization drive of the Centre. INOX has partnered with State Bank of India (SBI) to facilitate this transaction at the nearest INOX multiplex using a debit card.

People can just swipe their debit cards, enter their PIN number and take up to Rs. 2000 in cash per card per day. All applicable guidelines of the Reserve Bank of India with regard to cash withdrawals shall be followed, said the company. The facility will be available all over 17 properties starting from November 25 and will be made available at the remaining 89 properties over the course of the weekend.

State Bank of India (SBI) commented on the tie up saying said that they are delighted to partner with INOX Leisure for the initiative that they have undertaken during this phase. Both SBI and INOX are focused to provide support their customers.

Siddharth Jain, director, INOX Leisure Limited is of the belief that the ongoing demonetization will have a positive impact on the Indian economy. They want to serve the nation at large by assisting the government in achieving their objectives of building a progressive economy. Through this effort, we are attempting to ease any difficulties that are currently being faced by people due to demonetization.

INOX share price was trading at Rs. 227.40 and settled above 1.30 per cent at Rs. 227.95.

des: SBI wil raise Rs 5,681 crore by issuing preferential shares to the central government, its majority shareholder . It has also tied up with INOX leisure

KW: INOX Leisure Limited, INOX, State Bank of India, SBI, demonetization, Siddharth Jain