SBI Life Insurance Company closes off day's high at Rs 707.55, up 1% over issue price
SBI Life Insurance Company made a debut with 5 percent premium at Rs 735 and hit an intraday high of Rs 740 but it started seeing profit booking as the day progressed.
Moneycontrol News
It was a tepid close for SBI Life Insurance Company on listing day as it managed to hold its issue price throughout the session Tuesday. The share price closed with only 1 percent premium at Rs 707.55 on the National Stock Exchange, against issue price of Rs 700.
The share made a debut with 5 percent premium at Rs 735 and hit an intraday high of Rs 740 but it started seeing profit booking as the day progressed.
The stock price hit an intraday low of Rs 701.70 on the NSE and Rs 702.25 on the BSE. It closed at Rs 708 on the BSE, up 1.14 percent over issue price.
Exchanges had fixed a 20 percent upper/lower circuit for the stock from its pre-opening price.
SBI Life Insurance Company's Rs 8,400 crore initial public offer was opened for subscription during September 20-22, with a price band of Rs 685-700 per share.
The company did not receive any money from the issue as it was an offer for sale.
SBI Life is a joint venture between India's largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.
