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State Bank of India zooms on getting nod to divest up to 4% stake of SBI Cards

State Bank of India is currently trading at Rs. 322.35, up by 16.25 points or 5.31% from its previous closing of Rs. 306.10 on the BSE.

The scrip opened at Rs. 312.00 and has touched a high and low of Rs. 322.90 and Rs. 310.00 respectively. So far 2857424 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. 244.35 on 09-Oct-2019.

Last one week high and low of the scrip stood at Rs. 322.90 and Rs. 299.85 respectively. The current market cap of the company is Rs. 285453.70 crore.

The promoters holding in the company stood at 57.88%, while Institutions and Non-Institutions held 35.23% and 6.89% respectively.

State Bank of India (SBI) has received an approval for divestment of its stake in SBI Cards up to 4% through IPO by way of offer for sale of up to 3,72,93,371 equity shares, subject to the approval of the Securities and Exchange Board of India (SEBI), or Government of India, Reserve Bank of India and/or such other concerned authorities and departments.

The executive committee of the Central Board of Directors (ECCB) of the Bank at its meeting held on November 14, 2019, accorded final approval for 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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