Sunday, Sep 27, 2020 | Last Update : 02:33 AM IST

186th Day Of Lockdown

Maharashtra130045899280634761 Andhra Pradesh6614585881695606 Tamil Nadu5693705138369148 Karnataka5572124503028417 Uttar Pradesh3785333136865450 Delhi2644502284365147 West Bengal2410592110204665 Odisha201059165432820 Telangana1838661524411091 Bihar175898161510881 Assam167374136712625 Kerala160935111327636 Gujarat1303911105923394 Rajasthan1247301042881412 Haryana1205781012731273 Madhya Pradesh117588932382152 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   Companies  15 Sep 2019  SBI shelves IPO plans for general insurance arm; card JV to hit market in Q4

SBI shelves IPO plans for general insurance arm; card JV to hit market in Q4

PTI
Published : Sep 15, 2019, 6:40 pm IST
Updated : Sep 15, 2019, 6:40 pm IST

Investor interest for cards business is very high, and SBI Card listing will happen in March quarter, said SBI chairman Rajnish Kumar.

SBI owns 74 per cent in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO (initial public offering), said SBI chairman Rajnish Kumar.
 SBI owns 74 per cent in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO (initial public offering), said SBI chairman Rajnish Kumar.

Leh: The largest lender State Bank of India has dropped its plan to take its general insurance arm public as there is no need for additional capital now, chairman Rajnish Kumar has said.

Investor interest for its cards business is very high, and SBI Card listing will happen in the March quarter, he said.

 

The bank was earlier looking for an initial public offering (IPO) for SBI General Insurance in FY21.

When asked if the IPO for general insurance will happen next fiscal, Kumar replied in the negative, saying there is no need for capital.

SBI General, valued at over Rs 12,000 crore recently, is a joint venture between SBI and Insurance Australia Group with a 26 per cent ownership.

On the additional stake sale in SBI Life, Kumar explained that the bank is required to offload an additional 2 per cent stake as per the Sebi norms, but has time till October 2020 to execute the same.

About the SBI Card IPO, he said the feelers from investors suggest that they are excited to invest in the company.

 

The IPO will be launched in the January-March quarter of the current fiscal and based on the valuation arrived at, SBI will take a call on the stake sale, he said.

SBI owns 74 per cent in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO (initial public offering), Kumar said.

Tags: state bank of india, sbi, sbi card, sbi general insurance, initial public offering, ipo
Location: India, Delhi, New Delhi