Feb 26 2021, 10:35 PM
February 26 2021, 4:13 PM
February 26 2021, 10:35 PM
(Bloomberg) State Bank of India, the countryâs largest lender, is preparing for its mutual fund joint venture for an initial public offering, according to people familiar with the matter.
(Bloomberg) State Bank of India, the countryâs largest lender, is preparing for its mutual fund joint venture for an initial public offering, according to people familiar with the matter.
SBI plans to ask investment banks for proposals after discussions with its board and shareholder Amundi Asset Management and kick off the process in the next few months, the people said. The lender could raise about $1 billion from the offering, one of the people said, who asked not to be identified as the information is private. SBIâs mutual fund is currently valued at about $7 billion, another person said.
Financials stocks were trading in the negative zone, with the S&P BSE Finance index falling 149.29 points or 2.12% at 6881.56 at 13:48 IST. Among the components of the S&P BSE Finance index, ICICI Securities Ltd (down 7.09%), Dewan Housing Finance Corporation Ltd (down 5%),SBI Cards & Payment Services Ltd (down 4.95%),ICICI Lombard General Insurance Company Ltd (down 4.64%),Ujjivan Financial Services Ltd (down 4.63%), were the top losers. Among the other losers were Shriram Transport Finance Company Ltd (down 4.4%), Aditya Birla Capital Ltd (down 4.05%), Axis Bank Ltd (down 3.94%), DCB Bank Ltd (down 3.8%), and Central Bank of India (down 3.67%). On the other hand, IFCI Ltd (up 5.2%), MAS Financial Services Ltd (up 4.4%), and Bank of Maharashtra (up 3.89%) moved up.
BC Web Wise wins the social mandate of SBI Card adgully.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adgully.com Daily Mail and Mail on Sunday newspapers.