Money & Banking

SBI to sell stake in SBI Life Insurance

Our Bureau Chennai | Updated on September 26, 2019

State Bank of India proposes to sell up to 3.5 crore shares of SBI Life Insurance Company on Thursday (for non-retail investors only) and Friday (for retail investors and non-retail investors who choose to carry forward their unallotted bids) through the offer-for-sale window on the stock exchanges. The OFS has an option to additionally sell up to one crore shares in the event of oversubscription, SBI Life said in a filing to the stock exchanges. The stake sale is being done to meet the SEBI norm of 25 per cent minimum public shareholding, SBI Life said. The floor price for the sale has been fixed at ₹770 a share.

Published on September 11, 2019

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