In early trade on Thursday when the Sensex scaled to historic highs, some of the banking names including Bank of India, SBI, Kotak Mahindra and Union Bank traded with gains as there have been reports of them deciding to pare holding in Equifax Credit Information Services (ECIS).
2 of the banks Union Bank of India and Bank of India have entered into a share purchase agreement for selling their stake of as much as 4.17% and 3.5% in the company. Also, Kotak Mahindra sold its complete stake of 5.56%, SBI will also sell 7.41% stake in the credit information company.
The stake sale has been made at a price of Rs. 67.43 per share and as though shall be hiked in accordance with the SPA or share purchase agreement.
All of these banking shares were trading higher in the range of 0.2-0.75%