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India’s economy picking up steam, estimate recovery at 10% in FY22: S&P GlobalState Bank of India today said it proposes to sell 3.89 per cent stake in the National Stock Exchange of lndia Ltd (NSE) as part of capital raising exercise.
Banks, including SBI, have decided to exit non-core business and focus on their core activity.
The appropriate authority has accorded approval to explore and initiate the process of divestment up to 3.89 per cent of stake of SBI in NSE through secondary sale, SBI said in a filing to stock exchanges.
The stake sale in the bourse will help the bank to raise capital that can be used for expanding its core activity.
Currently SBI holds 5.19 per cent stake in NSE.
In 2016, SBI sold 5 per cent stake in NSE to Mauritius-based Veracity Investments for Rs 911 crore, valuing the exchange at over Rs 18,200 crore.
Post this transaction, SBI holds 5.19 per cent stake while its subsidiary, SBI Capital, holds 4.33 per cent stake in NSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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