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Last Updated : Sep 12, 2019 08:39 AM IST | Source: PTI

SBI to raise Rs 3,465cr by selling up to 4.5% in SBI Life

The share sale process consists of a base issue of selling up to 3.5 percent with an option to additionally sell up to 1 percent of the total issued and paid up equity share of SBI Life.

 
 
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State Bank of India (SBI) said it will raise up to Rs 3,465 crore by offloading up to 4.5 percent stake in SBI Life Insurance Co to bring down the promoter shareholding as per regulatory norms.

The share sale process consists of a base issue of selling up to 3.5 percent with an option to additionally sell up to 1 percent of the total issued and paid up equity share of SBI Life.

The floor price for the share sale has been fixed at Rs 770 per equity share.

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"The seller (SBI) proposes to sell up to 3.5 crore equity shares, in aggregate representing 3.5 percent of the total issued and paid-up equity share capital of the company (SBI Life Insurance) on September 12, 2019 for non-retail investors and on September 13, 2019 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids," SBI said in a regulatory filing.

The share sale comes with an option to additionally sell up to 1 crore shares (representing 1 percent of the total issued and paid-up equity share capital of SBI Life) in case the oversubscription option is exercised.

The share sale offer is being undertaken to achieve the minimum public shareholding of 25 percent (part of bank's share of MPS) through offer, as per the regulatory prescription, SBI said.

Promoter and promoter group have a total shareholding of 67.30 percent in the life insurer, in which SBI holds 62.10 percent and BNP Paribas Cardiff has 5.20 percent.

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First Published on Sep 12, 2019 07:50 am
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