SBI gains as board approves stake sale in life insurance arm

SBI gains as board approves stake sale in life insurance arm State Bank of India (SBI) was up 1.1% at Rs 269 on the National Stock Exchange (NSE) in early morning trade after the state-owned bank said that it will divest 3.9% of its stake in SBI Life Insurance Company to global investment firms KKR and Temasek for Rs 1,794 crore ($264 million). “The Executive Committee of the Central Board

in its meeting on December 9, 2016 approved divestment of 39 million equity shares constituting 3.9% stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to regulatory approval,” SBI said in a filing. At 9:51 am; the stock was up 0.40% at Rs 268 on the NSE as compared to 0.47% decline in the Nifty50 index and 0.61% fall in banking index Nifty Bank. A combined 4.21 million shares changed hands on the counter on the BSE and NSE so far.