The State Bank of India (SBI) announced on Monday that it has raised Rs 25,000 crore via a Qualified Institutional Placement (QIP) to support its business expansion and loan growth.

In a regulatory filing, the bank stated that its committee of directors approved the closure of the issue during a meeting held on Monday, following the receipt of application forms and funds in the escrow account from eligible Qualified Institutional Buyers (QIBs), as per the terms of the issue.

The committee also approved the allotment of 30,59,97,552 equity shares at an issue price of Rs 817 per share, which includes a premium of Rs 816 and a face value of Rs 1 per share.