SBI Shares Jump 4% After Board Approves Partial Stake Sale In SBI Cards

On Friday, shares of State Bank of India (SBI) rose by over 4 percent to an intraday high of Rs 322.30 apiece. The public sector lender on Thursday informed the stock exchanges of its board's decision to sell up to 3.72 crore shares in SBI cards by way of IPO (Initial Public Offering).

"Pursuant to the applicable provision on the SEBI Regulation, we advise that the Executive Committee of the Central Board of Directors (ECCB) of the Bank at its meeting held today has accorded final approval, for divestment of SBI stake in SBI Cards upto 4% through IPO by way of offer for sale of upto 3,72,93,371 equity shares (the "Offered Shares"), subject to the approval of the Securities and Exchange Board of India ("SEBI"), or Government of India, Reserve Bank of India and/or such other concerned authorities and departments," SBI said in its BSE filing on Thursday.

The bank had earlier spoke of its plan to sell stake in SBI Cards through an IPO in August.