State Bank of India to divest up to 5% in SBI Life

India Infoline News Service | Mumbai | October 15, 2016 15:03 IST

The bank said that the ECCB has approved to dilute up to 5% stake of SBI in SBI Life to a non-promoter entity.

State Bank of India has informed BSE that the Executive Committee of the Central Board (ECCB) at its meeting held on October 14, 2016 has approved to dilute up to 5% stake of SBI in SBI Life to a non-promoter entity.

SBI Life is a joint venture between State Bank of India and BNP Paribas Cardiff. SBI owns 74% in the life insurer.

Stock Commentary:
State Bank of India ended at Rs 251.9, up by Rs 2.2 or 0.88% from its previous closing of Rs 249.7 on the BSE.

The scrip opened at Rs 251.25 and touched a high and low of Rs 253.3 and Rs 249.7 respectively. A total of 15608518(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 195544.35 crore.

The BSE group 'A' stock of face value Rs 1 touched a 52 week high of Rs 271.55 on 08-Sep-2016 and a 52 week low of Rs 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 260.2 and Rs 246.1 respectively.

The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 28.64 % and 9.48 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart

 

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