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SBI Life slips as OFS begins

Capital Market 

SBI Life Insurance Company fell 0.85% to Rs 792 after the company said State Bank of India will to sell up to 3.50 crore equity shares, or 3.50% stake, in the company via offer for sale starting today, 12 September 2019.

State Bank of India (SBI) proposes to sell up to 3.50 crore equity shares, or 3.50% stake, of SBI Life Insurance Company on 12 September 2019 (T Day) (for non-retail investors only) and on 13 September 2019 (T+1 Day) (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids). The floor price for the offer for sale (OFS) is Rs 770 per share.

SBI has an option to additionally sell up to 1 crore equity shares, or 1% stake, in the company. The announcement was made after market hours yesterday, 11 September 2019.

As on 30 June 2019, SBI has a 62.1% stake in SBI Life Insurance Company.

On the first day of the bidding for OFS today, 12 September 2019, at 10:25 IST, bids were received for 10,100 shares from the non-retail investors, representing a subscription of 0.02%.

Meanwhile, the S&P BSE Sensex was up 80 points or 0.21% to 37350.67.

On the BSE, 33232 shares were traded in the SBI Life Insurance Company counter so far compared with average daily volumes of 74513 shares in the past one quarter. The stock hit a high of Rs 795.55 and a low of Rs 786 so far during the day.

The stock hit a 52-week high of Rs 862.4 on 20 Aug 2019. The stock hit a 52-week low of Rs 487 on 01 Oct 2018.

SBI Life Insurance Company's net profit rose 4.96% to Rs 371.90 crore on 40.35% increase in total income to Rs 9,816.41 crore in Q1 June 2019 over Q1 June 2018.

SBI Life Insurance Company (SBI Life) is a joint venture between State Bank of India and BNP Paribas Cardif S.A. and is one of the leading life Insurance companies in India.

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

First Published: Thu, September 12 2019. 10:43 IST