Business · India Bureau
SBI Divides NSE Share Sale With Subsidiary Ahead Of Public Listing
State Bank of India has restructured its National Stock Exchange stake sale, splitting the offering between itself and its capital markets subsidiary. The move maintains the total number of shares being divested while altering the distribution mechanism.
LSN India ·
SBI has revised its direct stake sale in the National Stock Exchange, reducing its own offering to 15.97 million shares from the 24.75 million shares initially mentioned in the draft red herring prospectus. The banking giant's capital markets subsidiary, SBI Capital Markets, will now handle the sale of 8.78 million shares as part of the same offering. The combined allocation from both entities matches the original total quantum of shares planned for divestment. This restructuring of the offer for sale comes as NSE prepares for its initial public offering. The exchange has been navigating regulatory approvals and market preparations ahead of its planned stock market debut. SBI's stake in NSE has been a significant holding in India's premier bourse, and the IPO represents a major milestone in opening up the exchange to broader public ownership. The exact timing and pricing of the offering will be determined following regulatory clearances and market conditions.