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Offer for Sale of Shares of SBI Life Insurance Company Ltd announced by Promoter

Posted On: 2019-06-24 21:38:37

BNP Paribas Cardif (the "Seller"), one of the promoters of SBI Life Insurance Company Limited (the "Company"), proposes to sell up to 25,000,000 Shares of face value of Rs. 10 each representing 2.5% of the equity share capital of the Company (on a non-diluted basis), on the separate windows provided by BSE Limited (the "BSE") and the National Stock Exchange of India Limited ("NSE", and together with the BSE, the "Stock Exchanges") (such offer for sale hereinafter referred to as the "Offer").

Date and time of the opening and closing of the Offer

The Offer shall take place over two trading days, as provided below:

For Non-Retail Investors: June 25, 2019 ("T day")

The Offer shall take place during trading hours on a separate window of the Stock Exchanges on T day i.e. June 25, 2019, commencing at 9:15 a.m. and shall close at 3:30 p.m. Indian Standard Time on the same date.

On the T day, Non-Retail Investors may indicate their willingness to carry forward their unallotted bids to T+1 day for allocation to them in the unsubscribed portion of Retail Category.

Only Non-Retail Investors shall be allowed to place their bids on T day, i.e. June 25, 2019.

For Retail Investors and for Non-Retail Investors who choose to carry forward their bids: June 26, 2019 ("T+1 day")

The Offer shall continue to take place on a separate window of the Stock Exchanges on T+1 day i.e. June 26, 2019, commencing at 9:15 a.m. and shall close at 3:30 p.m. (Indian Standard Time) on the same date.

Please note that only Retail Investors (as defined below) shall be allowed to place their bids only on the T+1 day. Further, those Non-Retail Investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the SEBI OFS Circulars.

(T day and T+1 day, collectively referred to as, "Offer Dates")

Floor Price : The Floor Price for the Offer shall be Rs. 650 (Rupees Six Hundred and Fifty) per share.

Shares of SBI Life Insurance Company Ltd was last trading in BSE at Rs.710 as compared to the previous close of Rs. 700.55. The total number of shares traded during the day was 21549 in over 1684 trades.

The stock hit an intraday high of Rs. 713.8 and intraday low of 699.4. The net turnover during the day was Rs. 15267742.


Source: Equity Bulls

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