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SBI to buyback shares worth Rs 99 crore in its subsidiary DFHI

SBI will buy back 1,911,974 equity shares it held in SBI DFHI for Rs 520 per share

Press Trust of India  |  New Delhi 


today said it will buy-back worth over Rs 99 crore in its primary dealership subsidiary company DFHI.

"Executive Committee of Central Board in its meeting held on September 27 has accorded final approval for buyback of equity held by State of in DFHI for buy back," SBI said in a regulatory filing.

As per the approval, SBI will buy back 1,911,974 equity it held in for Rs 520 per share aggregating to Rs 99.42 crore.

SBI has the largest shareholding of 72.17 per cent in the company, while 22.32 per cent is owned by nationalised banks and the rest of 5.51 per cent by financial institutions/ private banks.

SBI DFHI was created in 2004 as a result of amalgamation of RBI promoted Discount & House of (DFHI) and SBI Gilts Ltd (a SBI subsidiary).

The company is engaged into book building process in primary auctions of securities.

The company said it also actively participates in the domestic interest rate derivatives and equities/equity futures markets.

SBI stock closed 2.89 per cent down at Rs 250.45 on BSE.

First Published: Thu, September 28 2017. 09:01 IST