CURRENT AFFAIRS: BANKING AND FINANCE
SIDBI to raise Rs 10,000 crore from rights issue next fiscal
- SIDBI has planned to raise ₹10,000 crore from the rights issue next fiscal to expand its capital base.
- SIDBI, which refinances SME loans, plans to conduct the rights issue in two tranches of ₹5,000 crore each next fiscal.
- SIDBI expects to increase its assets to ₹5 lakh crore by March 2024 from about ₹4 lakh crore in March 2023.
- The shareholders will subscribe to the proposed rights issue.
- The Central Government owns 20.8% of SIDBI.
- State Bank of India (SBI) holds 15.65% and Life Insurance Corporation of 13.33%.
