Stocks

SBI rallies as board gives nod for stake sale in SBI Cards

BL Internet Desk | Updated on November 15, 2019 Published on November 15, 2019

 

State Bank of India (SBI) share price rose more than 4 per cent today after the board had approved divestment of company's stake in SBI Cards.

At 11 am, the SBI stock gained 4.20% to Rs 319 on the BSE with volumes of  16.97 lakh shares trade.

The executive committee of the Central Board of Directors (ECCB) of the Bank at its meeting has accorded final approval for divestment of SBI stake in SBI Cards upto 4 percent through IPO by way of offer for sale of upto 3,72,93,371 equity shares.

In a notification to the BSE, it said: "Pursuant to the applicable provision on the SEB! Regulation, we advise that the Executive Committee of the Central Board of Directors (ECCB) of the Bank at its meeting held today has accorded final approval, for divestment of SBI stake in SBI Cards upto 4% through IPO by way of offer for sale of upto 3,72,93,371 equity shares (the "Offered Shares"), subject to the approval of the Securities and Exchange Board of lndia ("SEB!"), or Government of lndia, Reserve Bank of lndia and/or such other concerned authorities and departments."

Published on November 15, 2019
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