SBI to sell 2.10 crore shares in life insurance arm

The country’s largest lender State Bank of India (SBI) will sell 2.10 per cent stake in SBI LifeNSE -0.11 % to comply with the minimum public float requirement of 25 per cent.

In a regulatory filing, SBINSE -5.62 % said that the board has approved the divestment of 2.1 crore equity shares in SBI Life. The public sector lender held 57.60 per cent stake in the company as on March 31.

For the day, the share price of SBI Life Insurance closed 0.20 per cent down at Rs 741.45. On the other hand, SBI settled 5.64 per cent down at Rs 177.20. The benchmark BSE Sensex closed 2.07 per cent down at 33,538.

Source: The Economic Times