was up 4.73% to Rs 706.80 at 11:07 IST after a foreign brokerage reportedly maintained a 'buy' rating on the stock with a target of Rs 830 per share.
On the BSE, 1.28 lakh shares were traded in the counter so far compared with average daily volumes of 34,000 shares in the past two weeks. The stock has hit a high of Rs 714.80, which is also its 52-week high price. The stock has hit a low of Rs 692.95 so far during the day. It hit a 52-week low of Rs 487 on 1 October 2018.
BNP Paribas Cardif, one of the promoters of SBI Life Insurance Company, is selling 2.5% of its stake in the life insurance firm through offer for sale (OFS). The OFS kicked off on stock exchanges yesterday, 25 June 2019, (T Day) (for only). The OFS continues today, 26 March 2019 (T+1 Day) (for retail investors and for who choose to carry forward their bids).
BNP Paribas Cardif holds 7.70% stake in the life insurance company while State Bank of India has a 62.10% stake.
On the first day of the bidding for OFS yesterday, 25 June 2019, at 15:30 IST, bids were received for 8.58 crore shares from the non-retail investors, representing a subscription of 381.48%.
On the second day of the bidding for OFS today, 26 June 2019, at 10:55 IST, bids were received for 5.12 lakh shares from the retail and non-retail investors, representing a subscription of 20.49%.
SBI Life Insurance Company's net profit rose 20.1% to Rs 457.68 crore on a 54.8% rise in the total income to Rs 15739.85 crore in Q4 March 2019 over Q4 March 2018.
SBI Life Insurance Company is one of the leading life insurance companies in India. The company is a joint venture between India's largest bank State Bank of India and the leading global insurance company BNP Paribas Cardif.
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