SBI Life offer for sale to fetch Rs 3,500 crore; stock falls marginally

Following the share sale, SBI's stake in SBI Life will fall from 62.1 per cent to 57.6 per cent

State-owned lender State Bank of India (SBI) has successfully divested 4.5 per cent stake in SBI Life Insurance Company. The share sale will fetch SBI nearly Rs 3,500 crore which will help the state-owned institution augment its capital base. 

The offer for sale (OFS) on Thursday saw nearly two times more demand than the shares on offer. Institutional investors submitted bids for 85.2 million shares against 45 million on offer, data provided by stock exchanges showed the maximum bids came in at Rs 781, slightly higher than the base price of Rs 770 per share. 

Following the share sale, SBI’s