SBI to Sell 1% Stake in National Stock Exchange

SBI to Sell 1% Stake in National Stock Exchange

SBI to Sell 1% Stake in National Stock Exchange SBI to Sell 1% Stake in National Stock Exchange

New Delhi, January 3, 2020:

State-run State Bank of India (SBI) on Friday has called for bids for selling its 1 per cent stake in the National Stock Exchange (NSE).

In a public notice, the SBI stated, “SBI is one of the shareholders of National Stock Exchange of India Ltd (NSEIL) and intends to divest up to 1.0101 per cent (50,00,000 equity shares) of its equity shareholding in the NSEIL through a competitive bidding process.”

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The country’s largest lender said that it is looking to sell 1.01 per cent stake (50 lakh shares) in the NSE as part of its capital raising exercise. Currently, SBI holds 5.19 per cent stake in the exchange.

The SBI has called for a minimum lot of 10,00,000 shares in the prescribed format and the last date for submission is January 15, 2020.

In 2016, SBI sold 5 per cent stake in the NSE to Mauritius-based Veracity Investments for Rs 911 crore, valuing the exchange at over Rs 18,200 crore.

The bank's credit card arm SBI Cards on Wednesday filed a Draft Red Herring Prospectus (DRHP) for its initial public offer (IPO) with market regulator Sebi in November.

SBI holds 76 per cent in SBI Cards and the remaining stake is held by the Carlyle Group.

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Edited By: Admin
Published On: Jan 04, 2020