SBI sets floor price of Rs 725 for OFS, to divest 2.1% stake in SBI Life Insurance
SBI also said that its board will consider raising up to $1.5 billion by issuing bonds.
New Delhi: State Bank of India (SBI), which proposed to sell 2.10 per cent stake in SBI Life, set a floor price of Rs 725 for the offer for sale (OFS), which stands at 2.24 per cent discount to the closing price of Rs 741.25 on Thursday.
The country’s biggest lender by assets is aiming to sell around 2.10 crore shares through OFS to comply with the minimum public float requirement of 25 per cent.
The issue will open on June 12 for non-retail investors and on June 15 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids.
In another development, SBI also said that its board will consider raising up to $1.5 billion by issuing bonds during the current financial year.
“The executive committee of the central board in its meeting held today (Thursday), on June 11, 2020, inter alia approved to examine the status and decide on long-term fundraising in single or multiple tranches up to $1.5 billion,” it said in a regulatory filing.
SBI said the capital is proposed to be raised through public and/or private placement of senior unsecured notes in US dollar or any other convertible currency during 2020-21.
Earlier, in November, SBI raised Rs 3,813.60 crore through perpetual bonds to fund its business growth.
Shares of SBI on Thursday ended 5.64 per cent down to Rs 177.20, while the benchmark BSE Sensex settled 2.07 per cent down at Rs 33,538.
The country’s biggest lender by assets is aiming to sell around 2.10 crore shares through OFS to comply with the minimum public float requirement of 25 per cent.
The issue will open on June 12 for non-retail investors and on June 15 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids.
In another development, SBI also said that its board will consider raising up to $1.5 billion by issuing bonds during the current financial year.
“The executive committee of the central board in its meeting held today (Thursday), on June 11, 2020, inter alia approved to examine the status and decide on long-term fundraising in single or multiple tranches up to $1.5 billion,” it said in a regulatory filing.
SBI said the capital is proposed to be raised through public and/or private placement of senior unsecured notes in US dollar or any other convertible currency during 2020-21.
Earlier, in November, SBI raised Rs 3,813.60 crore through perpetual bonds to fund its business growth.
Shares of SBI on Thursday ended 5.64 per cent down to Rs 177.20, while the benchmark BSE Sensex settled 2.07 per cent down at Rs 33,538.