InvestorQ : How has been the response to the SBI life OFS made by SBI?
diksha shah made post

How has been the response to the SBI life OFS made by SBI?

Answer
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Ria Jain answered.
3 months ago


As part of the monetization of its stake in the life insurance subsidiary, State Bank of India sold 18.9 million shares of SBI Life at a total offer value of Rs.1500 crore. The offer for sale was oversubscribed more than 2 times in the sense that it got bids exceeded 38.6 million for the 18.9 million shares put on the block for institutional investors. IN addition to this, another 2.1 million shares meant for retail investors will be auctioned on 15 June. While the floor price was set at Rs.725 per share, most bids came at Rs.741 per share. At a price of Rs.741 per share, SBI will be able to raise Rs.1556 crore for a 2.1% stake in SBI Life. Currently, SBI holds 57.6% stake in SBI Life while BNP Paribas Cardiff holds 5.2%.