India’s Largest Bank Plans to Raise $3 Billion in Share Sale

State Bank of India plans to raise 250 billion rupees ($3 billion) through new shares this fiscal year, marking the first equity raising by the state lender in seven years.

Net income at the country’s biggest lender fell 9.9% to 186.4 billion rupees in the three months through March, from a year earlier, according to a statement Saturday. It managed to beat the 179.9 billion rupees average estimate of 18 analysts.