State Bank of Bikaner and Jaipur (SBBJ), the biggest partner bank of SBI, today said its board has cleared the proposition of raising Rs 780 crore through a rights issue.

The governing body of the bank have settled March 17 2011 as record date with the end goal of finding out shareholders entiled for rights issue, SBBJ educated the Bombay Stock Exchange (BSE).

The bank has proposed to issue value shares on a rights premise in the proportion of 2 scrip for each 5 offers held at a cost of Rs 390 for each shares completely paid up, it said.

"The objects of the issue are to enlarge our capital base to meet the capital prerequisites and development in our benefits, basically our credits and speculation portfolio," it said.

SBI at present holds 75% stake in SBBJ and accordingly, would need to subscribe 75% of the rights issue.

For the second from last quarter finished December 2010, SBBJ has posted a more than two-overlap increment in its net benefit at Rs 132.4 crore as against Rs 51.2 crore amid the relating time frame in 2009.

The aggregate wage of the bank expanded to Rs 1,351.8 crore as against Rs 1,105.6 crore in the year-back period.

For the nine months finished December 2010, SBBJ's net benefit rose to Rs 363.1 contrasted with Rs 233.6 crore in a similar period a year back.

Shares of the bank closed at Rs 627.10, up by 1.51% on the BSE.