State Bank of India to Divest 2.1% Stake in SBI Life

New Delhi: The State Bank of India will divest 2.1 per cent stake in SBI Life to achieve the minimum public shareholding of 25 per cent. Also Read – Amid Sharp GDP Data Revision, Debate Continues Over Its Fairness

In a regulatory filing, SBI said that it proposes to sell up to 2.10 crore shares of SBI Life. The floor price for the sale shall be Rs 725 per equity share. Also Read – Mega Bank Mergers Working Smoothly Amid COVID-19: AIBEA

The transaction will take place on Friday for the non-retail investors only, and on June 15 for retail investors and non-retail investors who choose to carry forward their un-allotted bids, through the separate designated window of BSE Limited and National Stock Exchange of India Limited. Also Read – Act of Kindness: Mizoram Man Anonymously Clears Loans Of 4 Strangers, Pays Rs 10 Lakh to the Bank

SBI Life shares on Thursday ended 0.20 per cent down at Rs 741.45 per share with a market capitalisation of over Rs 74,000 crore.

SBI Life is a joint venture between India’s largest bank State Bank of India and leading global insurance company BNP Paribas Cardif.

SBI will offload 2.1 crore shares as part of the exercise. As per the shareholding pattern as on March 31, SBI holds 57. 6 per cent shares in SBI Life.