SBI Group To Sell Up To 1% Stake In NSE, ₹30,000-Crore IPO Planned Soon
New Delhi: State Bank of India (SBI) and its subsidiary SBI Capital Markets plan to reduce their holdings in the National Stock Exchange (NSE) through the exchange’s proposed Rs 30,000-crore initial public offering (IPO). SBI proposes to sell a 0.65 per cent stake, while SBI Capital Markets plans to divest 0.35 per cent, taking the SBI Group’s proposed stake sale to around 1 per cent. SBI Group’s…
The State Bank of India (SBI) and its subsidiary, SBI Capital Markets, are preparing to reduce their ownership stake in the National Stock Exchange (NSE) through the exchange's planned ₹30,000-crore initial public offering (IPO). SBI intends to sell a 0.65 percent share, while SBI Capital Markets plans to divest 0.35 percent, amounting to roughly 1 percent of SBI Group's stake in NSE.
Currently, SBI holds a 3.23 percent stake in NSE, with SBI Capital Markets owning 4.33 percent. SBI Chairman C S Setty announced the bank's intent to participate in NSE's proposed IPO, although the final divestment could be less than 1 percent if other shareholders also sell their holdings. SBI has no immediate plans to reduce stakes in its other subsidiaries.
In a separate development, SBI and its French partner Amundi recently reduced their combined holding in SBI Mutual Fund by nearly 10 percent, following the mutual fund's successful ₹9,800-crore public issue, which was oversubscribed 42 times.
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