State-run lender announced that its board gave in-principle approval to explore the possibility of diluting the bank's stake in subsidiary, SBI Cards & Payment Services.
Shares of State Bank of India (SBI) fell 0.03% to Rs 289.95 at 13:01 IST on BSE.
The proposed stake dilution will happen through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard. The announcement was made during market hours on Wednesday, 14 August 2019. The scrip rose 2.28% to Rs 289.85 in the previous trading session, compared to its previous close of Rs 283.40.
Meanwhile, the S&P BSE Sensex was up 22.63 points or 0.06% to 37,334.16.
On the BSE, 69.15 lakh shares were traded in the counter so far compared with average daily volumes of 14.55 lakh shares in the past two weeks. The stock hit a high of Rs 291.4 and a low of Rs 284.3 so far during the day.
The stock hit a 52-week high of Rs 373.7 on 18 Jul 2019. The stock hit a 52-week low of Rs 247.65 on 26 Oct 2018.
SBI reported a net profit of Rs 2312.20 crore in Q1 June 2019 over a net loss of Rs 4875.85 crore in Q1 June 2018. The total income of the bank rose 7.9% to Rs 70653.23 crore in Q1 June 2019 over Q1 June 2018.
The Government of India held 57.13% stake in SBI (as on 30 June 2019).
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