State Bank of India said it is sold 4.5% of its stake in SBI Life Insurance. The sale is expected to bring in Rs 3515 crore, which is 1.4% over the floor price fixed for the offer for the sale exercise. The proceeds from the sale will improve the capital position of the bank, while the insurance company will be able to comply with the minimum 25% public shareholding norm. The floor price for the sale was fixed at Rs 770 per share while SBI has received bids for about Rs 781.03 per share. The sale happened through the designated windows of Bombay Stock Exchange and National Stock Exchange of India and they saw combined bidding for 85,185,607 shares covering 2.7 times the non-retail base size. The bank held 62.1% stake in the life insurance company as on June 2019 while BNP Paribas 0.19 % and Cardif 5.2%. Other institutions hold 25.56%.
