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SBI rises on getting nod to divest stake in SBI Life

State Bank of India is currently trading at Rs. 286.95, up by 1.65 points or 0.58% from its previous closing of Rs. 285.30 on the BSE.

The scrip opened at Rs. 287.05 and has touched a high and low of Rs. 288.70 and Rs. 286.00 respectively. So far 231365 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 373.70 on 18-Jul-2019 and a 52 week low of Rs. 247.65 on 26-Oct-2018.

Last one week high and low of the scrip stood at Rs. 288.70 and Rs. 271.50 respectively. The current market cap of the company is Rs. 256761.07 crore.

The promoters holding in the company stood at 57.88%, while Institutions and Non-Institutions held 34.67% and 7.45% respectively.

State Bank of India (SBI) has received approval for divestment of 3.50 crore plus 1 crore equity shares constituting 3.5% with an oversubscription upto 1% of its stake in SBI Life to achieve Minimum Public Shareholding of 25% (Part of Bank’s share for MPS) through Offer for Sale process through Stock Exchange mechanism as per the regulatory prescription.

The Executive Committee of Central Board (ECCB) of the bank at its meeting held on September 11, 2019 has approved the same.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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