Shares of SBI Life Insurance Company
hit a 52-week high at Rs707.70 on the NSE in the morning trade. The company which has put Rs1,625cr worth of shares under OFS, received bids for nearly 86 million shares against 25 million shares on offer, a 3.8-fold jump.
Most of the bids came at Rs670 per share, higher than the base price of Rs650 set for the OFS, as per the filing.
The stock fell on Tuesday after the company said one of its promoters, BNP Paribas Cardif, will sell up to 2.5%
stake in the life insurance firm through the offer for sale.
The two-day OFS opened on Tuesday for non-retail investors and on Wednesday for retail investors.
SBI Life Insurance Company Ltd is currently trading at Rs709.75, up by Rs34.85 or 5.16% from its previous closing of Rs674.90 on the BSE. The scrip opened at Rs695 and has touched a high and low of Rs714.80 and Rs692.95 respectively.