SBI to raise Rs 99 crore from share buyback by dealership arm
SBI is tendering 19,11,974 shares held by it under the buyback of shares being done by SBI DFHI.business Updated: Sep 29, 2017 18:17 IST
State Bank of India (SBI) on Friday said it will tender shares worth over Rs 99 crore as part of a share buyback programme by its subsidiary SBI DFHI.
“SBI is tendering 19,11,974 shares held by it under the buyback of shares being done by SBI DFHI,” SBI said in a statement.
As per the buyabck offer, SBI will get Rs 99.42 crore from SBI DFHI. The shares will be tendered at a price of Rs520.
SBI DFHI is engaged into book building and primary auctions of government securities. It also participates in the domestic interest rate derivatives and equity futures.
Currently, SBI holds the largest shareholding of 72.17% in the subsidiary. Rest of 22.32% is owned by banks and 5.51% by financial institutions.
SBI DFHI was created in 2004 as a result of amalgamation of RBI promoted Discount & Finance House of India (DFHI) and SBI Gilts Ltd (a SBI subsidiary).
SBI stock traded 0.28% up at Rs 253.50 on BSE.