New Delhi: State Bank of India on Tuesday said it has sold a 2.1 percent stake in its subsidiary SBI Life Insurance Company through a sale offer. The stake has been sold in compliance with the shareholding rules. The bank said in a notice to the stock exchanges that the sale offering (OFS) took place in two installments on June 12 and June 15, 2020.
The bank has not disclosed the amount raised. The bank has reported to sell a total of 2,10,00,000 equity shares which is equivalent to 2.1 per cent stake, though SBI is expected to raise Rs 1,522.50 crores by selling 2.1 crore shares at a minimum price of Rs 725 per share. The face value of these shares is ten rupees.
Earlier, on 11 June, SBI Life had informed that the promoter SBI has fixed the minimum price for the sale offer at Rs 725 per share. SBI said the sale was done to fulfill the minimum public shareholding rule of SEBI (Securities and Exchange Board of India). After this sale, State Bank’s stake in SBI Life has come down to 55.50 per cent from 57.60 per cent earlier.
