SBI QIP, July 16 -- State Bank of India (SBI), the country's largest lender, on Wednesday announced the launch of a share sale to institutional investors to raise Rs.25,000 crore.

The company's board at its meeting held today approved the launch of a qualified institutional placement of fully paid-up equity shares of the company at a floor price of Rs.811.05 per equity share, which is at a 2.3% discount to the last closing price of Rs.830.5 on the NSE.

SBI further said the bank may offer a discount of not more than 5% on the floor price calculated for the QIP, while the issue price will be determined by the bank in consultation with the book running lead managers.

The lender's board in May had approved raising funds to the tune of Rs.2...