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SBI inches up after insurance arm files DRHP for IPO

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of rose 0.29% to Rs 293.65 at 9:41 on after the state-run said its arm has filed a draft red herring prospectus with the market regulator for an initial public offer.

The announcement was made after market hours yesterday, 17 July 2017.

Meanwhile, the S&P Sensex was down 194.52 points or 0.61% at 31,880.26.

On the BSE, 94,000 shares were traded on the counter so far as against the average daily volumes of 13.26 lakh shares in the past one quarter. The stock had hit a high of Rs 294.55 and a low of Rs 291.30 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 222.15 on 22 July 2016.

The stock had underperformed the market over the past one month till 17 July 2017, advancing 2.43% compared with the Sensex's 3.28% rise. The stock had also underperformed the market over the past one quarter, gaining 1.09% as against the Sensex's 9.05% rise. The scrip had, however, outperformed the market over the past one year, surging 26.48% as against the Sensex's 15.23% rise.

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

announced that its subsidiary, Life Company has filed a draft red herring prospectus with the for an initial public offer of up to 12 crore equity shares of face value of Rs 10 each, representing up to 12% of its paid up equity share capital for cash, through an offer for sale (OFS) by and BNP Paribas Cardif S.A of up to 8 crore equity shares (representing 8% of the paid up share capital) and up to 4 crore equity shares (representing 4% of the paid up share capital), respectively.

The offer includes a proposed reservation of up to 1.20 crore equity shares for State Bank shareholders and a reservation of up to 20 lakh equity shares for eligible employees as part of the offer.

State Ban of India'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).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 18 2017. 09:39 IST