SBI, arm to dilute up to 1% stake in NSE via IPO
The bank is participating in the NSE IPO and will dilute a 0.65 per cent stake in the exchange, SBI Chairman C S Setty told PTI.
The State Bank of India (SBI) and its subsidiary, SBI Capital Markets Ltd, are set to dilute up to 1 percent of their stake in the National Stock Exchange (NSE) through the exchange's proposed ₹30,000-crore initial public offering (IPO). SBI Chairman C S Setty disclosed this during an interview with PTI, stating that SBI will divest a 0.65 percent stake and SBI Capital Markets will contribute 0.35 percent.
Together, the SBI group will collectively reduce their stake by approximately 1 percent. The exact percentage may vary depending on other shareholders joining the divestment. Currently, SBI holds a 3.23 percent stake in NSE, while SBI Capital Markets owns 4.33 percent in the country's largest stock exchange. SBI has not mentioned any monetization plans for other subsidiaries in the near future.
In contrast, last month, SBI and its foreign partner, Amundi, diluted about 10 percent of their stake in SBI Mutual Fund, a public offer that was highly successful with a 42 times subscription. The ₹9,800-crore public offer proved immensely popular, leading to a reduced SBI holding of 55.46 percent from 61.76 percent, while Amundi's stake declined to 32.56 percent from 36.26 percent.
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