Shares of SBI Life Insurance Company gained as much as 6.49 per cent to hit intraday high of Rs 983.95 after opening higher at Rs 945.30 against previous closing price of Rs 923.90
Share of Paisalo Digital gained 20% to 52-week high of Rs 625.55 against previous close of Rs 520.60 on BSE
The objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges. Being an OFS, the net proceeds from the share sale of UTI AMC will go to existing shareholders SBI, LIC, BoB
Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer
The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP)
UCO Bank teams up with four insurers to sell their products
State-run UCO Bank tied up with four insurers to offer various insurance products to its customers through its network of branches across the country. The lender teamed up with SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health and Allied Insurance Company for selling their products. With these new partnerships, the lender will now be offering a much wider range of insurance products, UCO Bank MD and CEO Atul Kumar Goel said.
The lender teamed up with SBI Life Insurance Company, the Oriental Insurance Company and Religare Health Insurance Company, Star Health and Allied Insurance Company for selling their products
Share price of SBI Life Insurance fell 2.2% to Rs 725.15 against previous close of Rs 741.45
State Bank of India said that its board has approved divestment of 2.1 crore equity shares in SBI Life Insurance Company to comply with the minimum public float requirement of 25 per cent
Ashutosh Mishra, Head of Institutional Equity, Ashika Stock Broking, says, "Removal of 80-C deduction is a big negative for the insurance sector"
The floor price for the stake sale has been fixed at Rs 770 per equity share, a 3.73 per cent discount over Wednesday's closing price of SBI Life Insurance
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