SBI proposed to sell up to 2.10 crores shares of SBI life. The floor price of the sale is RS 725 per equity share. State Bank of India is divested 2.1% of stake in SBi life insurance to achieve the minimum public shareholding of 25%.
The transaction has taken place on Friday for non-retail investors only. SBI life shares on Thursday ended 0.20% down at 741.45 per share. it’s a market capitalization of over 74000 crores.
SBI life is a joint venture between India’s largest public sector bank, the State bank of India, and also Leading Global Insurance Company.
State Bank of India dispenses 2.1 crore shares as a part of this exercise. as of shareholding pattern on march 31. SBi holds a total of 57.6% shares in SBI life.
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