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SBI to dilute up to 1% stake in NSE via IPO
SBI plans to cut its NSE holding by 0.65% and SBI Capital Markets by 0.35% to fund an IPO that values the exchange at a proposed ₹30,000 crore.
State Bank of India and its subsidiary SBI Capital Markets plan to reduce their combined ownership in the National Stock Exchange as part of the exchange’s proposed ₹30,000 crore IPO, according to an interview with SBI chairman C S Setty carried by LiveMint Markets.
Setty said SBI is participating in the divestment and will dilute a 0.65% stake in the NSE, while SBI Capital Markets will dilute a 0.35% stake, taking the SBI group’s total dilution to about 1%, subject to other shareholders joining the offer.
SBI currently holds a 3.23% stake in the NSE, and SBI Capital Markets owns 4.33% in the exchange, LiveMint Markets reported. Setty also said there is no immediate monetisation plan for other subsidiaries.
In the same interview, Setty highlighted SBI’s housing finance business, saying the bank’s mortgage portfolio is set to cross ₹10 lakh crore in the current quarter, after surpassing ₹9 lakh crore during the last financial year. He attributed demand to factors including pricing transparency and customer trust in the bank’s documentation and due diligence processes, and noted SBI has more than 460 home loan processing centres across India.