SBI inches up after board's nod for stake-sale in SBI Life

State Bank of India rose 0.95% to Rs 288.25 at 9:19 IST on BSE after the bank's executive committee has given the final approval for divestment of 8 crore shares in SBI Life through an initial public offering.

The announcement was made after market hours yesterday, 10 July 2017.

Meanwhile, the S&P BSE Sensex was up 62.21 points or 0.2% at 31,777.85.

On the BSE, 1.06 lakh shares were traded on the counter so far as against the average daily volumes of 13.67 lakh shares in the past one quarter. The stock had hit a high of Rs 288.40 and a low of Rs 287.05 so far during the day. The stock had hit a 52-week high of Rs 315 on 19 May 2017 and a 52-week low of Rs 216.55 on 8 July 2016.

The stock had underperformed the market over the past one month till 10 July 2017, sliding 1.02% compared with the Sensex's 1.45% rise. The stock had also underperformed the market over the past one quarter, declining 1.19% as against the Sensex's 7.24% rise. The scrip had, however, outperformed the market over the past one year, advancing 30.75% as against the Sensex's 16.92% rise.

The large-cap state-run bank has equity capital of Rs 863.21 crore. Face value per share is Rs 1.

State Bank of India's (SBI) executive committee of the central board has given the final approval for divestment of 8 crore shares in SBI Life through an initial public offering (IPO). The shares being offered for sale by SBI will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, SBI said.

SBI's net profit surged 122.7% to Rs 2814.82 crore on 7.8% growth in total income to Rs 57720.07 crore in Q4 March 2017 over Q4 March 2016.

Government of India held 57.07% stake in State Bank of India (as on 12 June 2017).

Powered by Capital Market - Live News