SBI Share Price Regained In Intraday Trade
SBI has planned to divest some percentage of stake in the SBI card through the public offer. The share price of State Bank has recovered over 5% on Friday in intraday trade on BSE. It occurred after getting approval from the market regulator for sale of its stake in the SBI Card.
It had received approval from ECCB for the divestment process on Thursday. The bank has planned to offload 3.73 crore shares through an offer for sale. But, the bank did not announce how much amount will raise through the IPO. SBI said that the stake sale proposal should approve by Sebi or RBI.
SBI Share Price Result on BSE and NSE
A source said that in intraday trade, SBI shares opened at Rs 312 against previous close to Rs 306. On that day, the share price increased by 5.2 percent of Rs 322 per share. On 18th July 2019, the SBI share price touched Rs 373.70 per share and in October, the share price reduced to Rs 244.35 per share.
Moreover, 26.71 lakh shares traded over the counter as compared to the two-week average volume of 15.14 lakh shares.
On NSE, SBI share price ranged at Rs 319.90 per equity share in terms of percentage up to 4.54 percent. Meanwhile, the stock was opened at Rs 312 per share which remains high to the previous close of Rs 306.
SBI Credit Card business is the country’s second-largest after HDFC bank. It is a joint venture between SBI and Carlyle. A source said that SBI and Carlyle plan to dilute some percentage of stake in the SBI card via IPO. These two firms are held 74% and 26% of stake in the card business of SBI.
The upcoming IPO will manage by HSBC, Kotak Mahindra Capital, Bank of America Merrill Lynch, Axis Capital, and SBI Caps. The IPO will hit the market by the end of March 2020.