 "SBI gains as board approves stake sale in life insurance arm")
State Bank of India (SBI) was up 1.1% at Rs 269 on the National Stock Exchange (NSE) in early morning trade after the state-owned bank said that it will divest 3.9% of its stake in SBI Life Insurance Company to global investment firms KKR and Temasek for Rs 1,794 crore ($264 million).
“The Executive Committee of the Central Board in its meeting on December 9, 2016 approved divestment of 39 million equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to regulatory approval,” SBI said in a filing.
At 9:51 am; the stock was up 0.40% at Rs 268 on the NSE as compared to 0.47% decline in the Nifty50 index and 0.61% fall in banking index Nifty Bank. A combined 4.21 million shares changed hands on the counter on the BSE and NSE so far.
“The Executive Committee of the Central Board in its meeting on December 9, 2016 approved divestment of 39 million equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to regulatory approval,” SBI said in a filing.
At 9:51 am; the stock was up 0.40% at Rs 268 on the NSE as compared to 0.47% decline in the Nifty50 index and 0.61% fall in banking index Nifty Bank. A combined 4.21 million shares changed hands on the counter on the BSE and NSE so far.