SBI Life drops as BNP Paribas OFS start today

SBI Life drops as BNP Paribas OFS start today

by admin- Wednesday, June 26th, 2019 04:16:04 PM

Shares of SBI Life Insurance Company fell via five% touching to Rs. 675, after the employer said one among its promoters, BNP Paribas Cardif, will sell up to two.Five% stake inside the existence coverage company thru provide on the market (OFS).

The sale charge of the OFS shares has been constant at Rs. 650 apiece, a eight.Five% discount to Monday’s last. Through the OFS, BNP will raise about Rs. 1,775 crore. The provide will open on June 25 for non-retail investors and on June 26 for retail investors. BNP has reserved 10% of the OFS shares for retail traders.

Currently, BNP Paribas Cardif holds 7.70% stake in the lifestyles coverage organization while State Bank of India has a sixty two.10% stake.

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