Rs 13.70/Share Dividend: Buy PSU Bank For TP Rs 1050, US$ 3 Bn Fundraising Ahead

Board of Directors of State Bank of India will hold meeting on June 11, 2024 to consider and approve long term fund raising of up to up to US$ 3 Billion (US$ Three Billion). Current market price of State Bank of India share on BSE is Rs 829.90 per share with intraday gain of 1.59%. Board of SBI on May 9 recommended a dividend of Rs 13.70 per share of Re 1/- each and fixed May 22, 2024 as the record date.

SBI shares offered return of 36% in last 6-months and 79% in last 2-years. The bank has a market capitalisation of Rs 7,40,653.54 crore. Meanwhile, leading brokerage firm JM Financial has recommended buy call to SBI share with target price of Rs 1050 per share. Check key details below:

SBI To Mull, Approve Fund Raising Of Up To US$ 3 Billion: According to the BSE filing of SBI dated June 4, 2024, "a meeting of the Executive Committee of the Central Board is scheduled on 11th June 2024 to consider, inter alia, the following:
To examine the status and decide on long term fund raising in single / multiple tranches of up to US$ 3 Billion (US$ Three Billion) under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25."

State Bank of India Recommended Dividend: As per the regulatory filing of SBI dated May 9, 2024, "Pursuant to Regulation 42 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform that the Central Board of the Bank, at its meeting held today, has declared a dividend of Rs 13.70 per equity share of Re 1/- each fully paid up (i.e. 1370%) for the year ended 31.03.2024."

State Bank of India Shares Performance & Return: The 52-week high price of State Bank of India shares on BSE is Rs 912.10 apiece (as on 03/06/2024) and 52-week low price is Rs 543.15 apiece (as on 26/10/2023), respectively. SBI has a market capitalisation of Rs 7,40,653.54 crore. SBI has a ROE of 16.19 and PE of 12.13. State Bank of India Ltd shares surged 29% year-to-date, soared 41% in last 1-year, and gave return of 92% in last 3-years, and surged 142% in last 5-years.

SBI Stock Split History: State Bank of India split face value of its share once since November 20, 2014. SBI last split the face value of its shares from Rs 10 to Re 1 in 2014.SBI share traded ex-split as on November 20, 2014.

SBI Dividend History: SBI declared 23 dividends since July 2, 2001. In last 1-year, the PSB announced an equity dividend amounting to Rs 13.70 per share (highest dividend in 9-years). At the current share price of Rs 829.90, State Bank of India offers a dividend yield of 1.65%. In 2014, it announced Rs 15/ share final dividend and Rs 15/share interim dividend. SBI's highest dividend was announced in 2013 amounting to Rs 41.50 per share.

Disclaimer: The stock has been picked from the brokerage report of JM Financial. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.