SBI to raise 1k crore by selling 5 percent stake in NSE
DSIJ Intelligence / 17 May 2016
Public sector major, State Bank of India is planning to sell its stake in NSE and raise Rs.1,000 crores from the same. The whooping amount of Rs.1,000 crores will be raised by selling 5 percent of its stake in NSE.
Public sector major, State Bank of India is planning to sell its stake in NSE and raise Rs.1,000 crores from the same. The whooping amount of Rs.1,000 crores will be raised by selling 5 percent of its stake in NSE. State bank of India along with its subsidiaries hold 15 percent stakes of NSE.
The PSU banking giant is expected to sell its complete stake in NSE in the first quarter of FY 17. The remaining 10 percent of the stake, SBI will be selling at the time of listing of NSE.
NSE and BSE both the stock exchanges are expected to come up with IPOs which lot of people tracking the markets believe have been royally delayed . The pressure from foreign investors has been increasing on the stock exchanges to get listed and finally reports suggest the IPO for both exchanges are on cards.
SBI closed flat on Tuesday at Rs. 177 in the NSE. The stock is down by almost 38 percent over 1 year period and is trading below its 200 SDMA (Simple Daily Moving Average) indicating bearishness in the stock.
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