State Bank of India (SBI) share price rose more than 2 percent in the early trade on November 15 after the board had approved divestment of company’s stake in SBI Cards.
The executive committee of the Central Board of Directors (ECCB) of the bank at its meeting has accorded final approval for divestment of SBI stake in SBI Cards upto 4 percent through IPO by way of offer for sale of upto 3,72,93,371 equity shares.
The offer is subject to the approval of the Securities and Exchange Board of India (SEBI), or Government of lndia, Reserve Bank of lndia and/or such other concerned authorities and departments.
At 09:24 hrs, State Bank of India was quoting at Rs 311.80, up Rs 5.70, or 1.86 percent on the BSE.
The share touched its 52-week high Rs 373.70 and its 52-week low Rs 244.35 on July 18 and October 9 respectively.
Currently, it is trading 16.56 percent below its 52-week high and 27.6 percent above its 52-week low.
News Source: Moneycontrol