State Bank of India Shares Gain as $2.9 Billion Sale Kicks Off

State Bank of India’s shares gained in early Mumbai trading on Thursday after the lender launched an offering to raise as much as 250 billion rupees ($2.9 billion), set to be the country’s largest ever share sale to institutions.

The stock rose as much as 1.1% following almost 2% gain at Wednesday’s close. If fully sold, the offering will surpass Coal India Ltd.’s 225.6 billion-rupee sale in 2015, according to data compiled by Bloomberg.