SBBJ approves Rs 800 crore rights issue

State Bank of Bikaner and Jaipur,the largest associate bank of SBI,said its board has cleared the proposal of raising Rs 800 crore through a rights issue.

State Bank of Bikaner and Jaipur (SBBJ),the largest associate bank of SBI,today said its board has cleared the proposal of raising Rs 800 crore through a rights issue.

The board of directors of the bank at its meeting approved the draft letter of offer for raising equity capital to the extent of Rs 800 crore through rights issue,SBBJ informed the Bombay Stock Exchange.

Shares of the bank closed at Rs 645.50,up by 0.9 per cent on the Bombay Stock Exchange.

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SBI currently,holds 75 per cent stake in SBBJ and thereby,would have to subscribe 75 per cent of the rights issue.

Besides,SBBJ posted a 48 per cent rise in its net profit at Rs 127.52 crore in the second quarter of the 2010-11 fiscal. The lender had a net profit of Rs 90.13 crore during the same period last fiscal,it said in a statement.

For the half-year ending September 30,2010,SBBJs net profit was Rs 230.66 crore,the bank added. Also,during this quarter,it declared an interim dividend at Rs 7.2 per share for the financial year 2010-11.

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