Mumbai: State Bank of India`s plan to raise up to 150 billion rupees ($2.4 billion) via a share sale will now likely take place in June instead of April due to a fall in the lender`s stock price, three sources directly involved in the process told Reuters.

Shares of the country`s biggest lender by assets have fallen 8.5 percent since February-end.

A SBI spokesman was not immediately reachable for comment.

State-run SBI received shareholders` approval to raise funds in February as part of efforts to strengthen its balance sheet on hopes of a pickup in loan demand in Asia`s third-largest economy.

The share sale would happen via the "fast track" follow-on offering route, said the sources. Under the fast-track process, select large companies are exempted from complying with the market regulator`s disclosure and filing requirements.

The government has asked the bank to decide on the timing of the FPO during its quarterly results between May 23-25, the sources added.

SBI has selected eight investment banks, including Axis Bank, Bank of America Merrill Lynch, Barclays, JM Financial, and Kotak Mahindra Capital to advise on the sale.