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SBI share price closes lower post stake sale announcement in UTI AMC

SBI share had hit an intra day high of Rs 344.35 in morning trade on BSE

twitter-logo BusinessToday.In        Last Updated: December 5, 2019  | 16:07 IST
SBI share price closes lower on stake sale announcement in UTI AMC
SBI share price ended 1.65% or 5.65 points lower at Rs 336.25 on BSE compared to the previous close of Rs 341.90 on BSE

SBI share price closed lower today a day after country's largest lender announced it would sell its 8.25% stake in UTI AMC through IPO. SBI share price ended 1.65% or 5.65 points lower at Rs 336.25 on BSE compared to the previous close of Rs 341.90 on BSE.

The banking stock fell nearly 1.93% intra day to Rs 335.30.

Earlier, share price of SBI was trading in the green but turned red after RBI kept the repo rate unchanged. Banking stocks came under pressure after the announcement as the RBI was expected to cut repo rate by 25 bps.

The stock had hit an intra day high of Rs 344.35 in morning trade on BSE. The large cap stock has gained 20.16% in last one year and risen 13.88% since the beginning of this year.  

15.70 lakh shares changed hands with turnover amounting to Rs 53.21 crore on BSE.

On Wednesday, SBI said it would sell up to 8.25 per cent stake in India's oldest mutual fund UTI AMC via initial public offer  (IPO) route.

1,04,59,949 equity shares  of UTI AMC will be on offer under the IPO route.

"Pursuant to the applicable provision on the SEBI Regulation, we advise that the Executive Committee of the Central Board of Directors (ECCB) of the Bank at its meeting held today has accorded final approval, for divestment of SBI stake in UTI AMC up to 8.25% through IPO by way of offer for sale of up to 1,04,59,949 equity shares (the "Offered Shares"), subject to the approval of the Securities and Exchange Board of India ('SEBI'), and/or such other concerned authorities and departments," SBI said in a release.

UTI AMC's four domestic shareholders LIC, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) own 18.5 per cent stake each and also have their own AMCs.

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