SBI, Arm to Dilute Up to 1% Stake in NSE via Public Offer
SBI and SBI Capital Markets to dilute up to 1% combined stake in NSE through its proposed INR 30,000 crore IPO.
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State Bank of India (SBI) and its subsidiary SBI Capital Markets plan to dilute up to 1% combined stake in the National Stock Exchange (NSE) through the exchange’s proposed INR 30,000-crore IPO. SBI currently holds a 3.23% stake in NSE, while SBI Capital Markets holds 4.33%.
“We are participating in that divestment. We propose to divest 0.65 per cent and 0.35 per cent by SBI Capital Markets because both of us hold the stake. So together, about 1 per cent as a SBI group… it could be less depending on any other shareholders joining,” said C S Setty, Chairman, SBI.
Setty clarified there is no immediate monetisation plan for the bank’s other subsidiaries. Last month, SBI and its foreign partner Amundi diluted around 10% stake in SBI Mutual Fund through a INR 9,800-crore public offer that was subscribed 42 times. Following that listing, SBI’s holding in the fund house fell to 55.46% from 61.76%, while Amundi’s stake declined to 32.56%.
Separately, Setty said SBI’s mortgage portfolio is set to cross INR 10 lakh crore in the current quarter.
State Bank of India (SBI) and its subsidiary SBI Capital Markets plan to dilute up to 1% combined stake in the National Stock Exchange (NSE) through the exchange’s proposed INR 30,000-crore IPO. SBI currently holds a 3.23% stake in NSE, while SBI Capital Markets holds 4.33%.
“We are participating in that divestment. We propose to divest 0.65 per cent and 0.35 per cent by SBI Capital Markets because both of us hold the stake. So together, about 1 per cent as a SBI group… it could be less depending on any other shareholders joining,” said C S Setty, Chairman, SBI.
Setty clarified there is no immediate monetisation plan for the bank’s other subsidiaries. Last month, SBI and its foreign partner Amundi diluted around 10% stake in SBI Mutual Fund through a INR 9,800-crore public offer that was subscribed 42 times. Following that listing, SBI’s holding in the fund house fell to 55.46% from 61.76%, while Amundi’s stake declined to 32.56%.
Separately, Setty said SBI’s mortgage portfolio is set to cross INR 10 lakh crore in the current quarter.
