SBI shares up 2% on $2.3 bn share sale

State Bank of India shares climbed on $2.3 billion share sale.

The stock rose as much as 1.98 per cent to highest in two weeks.

The country's top lender's

share sale to institutional investors to raise as much as $2.33 billion fully covered within hours of launch on Monday, sources told Reuters.

SBI is selling new shares in a price range of Rs 275.76 ($4.29) to Rs 287.25 a share in the country's biggest-ever qualified institutional placement (QIP).

The shares were trading at Rs 291.40 as of 0349 GMT ($1 = 64.3300 Indian.upees)