State Bank of India.
State Bank of India Successfully Completes ₹25,000 Crore ($3 Billion) QIP: Mumbai, India – July 19, 2025 – The State Bank of India (SBI), the nation’s largest public sector bank, has successfully concluded a Qualified Institutional Placement (QIP) of equity shares, raising a substantial ₹25,000 crore, equivalent to approximately $3 billion. This significant capital infusion marks SBI’s first such fundraising initiative since 2017, underscoring its strategic move to strengthen its capital base and support future growth.
The QIP, a crucial mechanism for Indian companies to raise capital from institutional investors, saw robust participation. This move is expected to enhance SBI’s financial flexibility and enable it to pursue various growth opportunities in the evolving banking landscape.
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Cyril Amarchand Mangaldas (CAM) provided comprehensive legal advice to SBI for this Qualified Institutional Placement. The CAM transaction team was spearheaded by Devaki Mankad (Partner, Regional Co-Head – Capital Markets – West), with key support from Principal Associate Rishav Buxi and Associates Hitesh Nagpal, Devansh Raheja, and Janhavi Deshmukh. Senior Partner Yash J. Ashar also provided valuable strategic inputs throughout the process.
Further bolstering the legal framework for SBI, Linklaters acted as the international legal counsel, with their team led by Partner Amit Singh.
On the side of the Book Running Lead Managers (BRLMs), S&R Associates provided legal counsel. The consortium of BRLMs included prominent financial institutions such as Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup.
A&O Shearman served as the international legal counsel for the BRLMs, ensuring compliance with global regulatory standards.
This successful QIP represents a significant milestone for SBI, demonstrating strong investor confidence in its growth trajectory and its pivotal role in India’s financial sector.
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