Goals SBI reduction in retail bad loans that 3% its FPO | SBI Mutual Fund

The Empowered Group of Ministers has fixed the price band of Rs 270-290 for the follow-on public offer (FPO) of State-run Engineers India. Engineers India (EIL) is expecting to raise around Rs 1000 crore from the follow-on public offer (FPO) which will hit the market by July 27, 2010. The public offer of 3.36 crore equity shares of Rs 5 each will open on July 27 and will close on July 29 for qualified institutional buyers (QIBs) and on July 30 for the rest.



The Indian market mirroring weakness across global marketsmarket on monday,it ended a volatile session modestly lower.While Sterlite Industries (down 1.51%), DLF (down 1.41%), Maruti Suzuki (down 1.12%)

HSBC Holdings Plc, ICICI Securities, SBI Capital Markets and IDFC Capital are book running lead managers for the FPO.

The offer comprises 712,000 equity shares for the company employees who would be entitled to the discount that retail investors will get in the offer that is being done through book building route.

"I want to bring down my NPAs (SIB's) in retail loans to less than 3%, to around 2.75% in this (financial) year," the official said."The NPA levels are down to 3.08% currently from 3.24% in March. We have also tied up with SBI Cards for the soft recovery process, which involves direct calling to customers in order to speed up the recovery process," the official added.