SBI rights issue

State Bank of India (SBI) has informed that the Government of India has conveyed its approval vide their letter dated December 03, 2007 to subscribe to the proposed Rights Issue of Equity Shares of the Bank. The subscription of around Rs 10,000 crore (Rupees Ten Thousand Crore) will be by way of issue of SLR, Marketable Government Securities and a Security Redemption Fund will be created for redeeming these securities on the due date.