.%20SBIN%20has%20been%20contemplating%20to%20raise%20its%20core%20tier%20I%20capital%20to%20tap%20into%20the%20strong%20growth%20in%20credit%20off%20take%20over%20the%20next%20few%20years%20and%20partly%20to%20fund%20the%20capital%20requirements%20of%20associate%20banks%20and...){kind=link}
Religare maintains Buy on SBI
We therefore maintain a `Buy` on the stock with a target price of Rs 3
,700 that comprises Rs 2,958 for the parent and Rs 742 for associate and other ventures (after ascribing a 15% holding company discount). SBIN has been contemplating to raise its core tier I capital to tap into the strong growth in credit off take over the next few years and partly to fund the capital requirements of associate banks and subsidiaries (not currently factored into our estimates). While we are not factoring dilution into our estimates, we note that an issuance of Rs 200 billion in FY11 would cause our FY12 BV to rise to Rs 1,545/sh and ROE to drop to 17%.Religare maintains Buy on SBI
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