On Thursday, the country's leading state-run lender SBI has given a go-ahead to divest 2.1% of its holding in SBI Life Insurance for meeting the public shareholding norm. This the bank has approved via the offer for sale or OFS platform.
By selling over 2 crore shares in SBI Life, the bank will comply with minimum public stake holding norm of 25%. The floor price for the OFS has been fixed at Rs. 725 per share and offer window opens today. On, Thursday, the stock price of SBI Life closed at Rs. 741.45 per share on the BSE.
SBI as on March 31 held 57.6% stake in the insurance subsidiary.
SBI Life Insurance, established in the year 2001, is a joint venture between SBI and BNP Paribas Cardif.