SBI Invites Bids To Sell 1% Stake in National Stock Exchange
HIGHLIGHTS
- State-run bank of India, SBI on Friday invited the bids for selling 1 percent stake in the National Stock Exchange (NSE)
- State Bank of India invites the bids for the sale of up to 50 lakh stock shares
- State Bank of India is planning to sell 5 million shares representing 1.01 percent stake in NSE
The country’s public sector lender SBI the largest bank name on Friday, 3rd January said it is looking to sell a total of 50 lakh shares, which is representing an overall 1.01 percent stake in the National Stock Exchange (NSE) as part of its capital raising exercise for the year.
Recently, State Bank of India, the government bank holds a 5.19 percent stake in the exchange for the country.
SBI is regarded as one of the largest shareholders of the National Stock Exchange of India and aspires to divest up to 1.01 % (50 Lakh equity shares) of its equity shareholding in NSE (National Stock Exchange of India) through a competitive bidding process. The stake sale report is part of the bank’s plan to take a divest investment in non-core assets.
The bank had earlier sold a stake in the stock exchange for Rs. 1,700 crore valuing the exchange at around Rs. 43,560 crores.
This is exchange is said to be more than double the valuation of the exchange in previous years, where the lender had sold a 5 percent stake in NSE to Mauritius-based foreign investor Veracity Investments for Rs. 911 crore.
Last month the IFCI (Industrial Finance Corporation of India Limited) sold its entire stake, which is 2.44 percent stake in the NSE for a considerable amount of Rs. 805.6 crore.
Besides that, the NSE stake took a dilution and the bank is looking forward to raising funds from initial public offers in the form of stakes to its subsidiaries, UTI Mutual Fund and New SBI Cards, and Payment Services for betterment. On this account, SBI holds about 76 percent in SBI Cards and Carlyle Group holds the rest of the stake.
