The State Bank of India will divest 2.1 per cent stake in SBI Life to achieve the minimum public shareholding of 25 per cent.
In a regulatory filing, SBI said that it proposes to sell up to 2.10 crore shares of SBI Life. The floor price for the sale shall be Rs 725 per equity share.
The transaction will take place on Friday for the non-retail investors only, and on June 15 for retail investors and non-retail investors who choose to carry forward their un-allotted bids, through the separate designated window of BSE Limited and National Stock Exchange of India Limited.
SBI Life shares on Thursday ended 0.20 per cent down at Rs 741.45 per share with a market capitalisation of over Rs 74,000 crore.
SBI Life is a joint venture between India's largest bank State Bank of India and leading global insurance company BNP Paribas Cardif.
SBI will offload 2.1 crore shares as part of the exercise. As per the shareholding pattern as on March 31, SBI holds 57. 6 per cent shares in SBI Life.
( With inputs from IANS )