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Home / Markets / Stock Markets /  SBI's $202 mn share sale of life insurance biz subscribed 2.1 times on day one

MUMBAI : The offer for sale of SBI Life Insurance sale by State Bank of India, which opened for subscription to non-retail investors on Friday, was subscribed 2.1 times, according to stock exchange data.

On Thursday, SBI announced that it will sell 2.1 crore shares or 2.10% stake in SBI Life Insurance Co Ltd through an offer for sale. Retail investors will be able to participate in the share sale on 15 June.

The portion of shares reserved for non-retail investors received a demand of 38.7 million shares against the 18.9 million offered to them.

Bids were received at indicative price 741.15 per share. SBI had set a floor price of Rs725 for the share sale.

Shares of SBI Life gained 1.29% to close at 751.05 per share on Friday on the BSE, while the benchmark index, Sensex gained 0.72% to close at 33780.89.

At the floor price, SBI will raise Rs1,522.5 crore or $202 million from the share sale. Investment bank Nomura is advising SBI on the share sale.

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