State Bank of India (SBI) says it will participate in the National Stock Exchange (NSE) IPO and dilute a combined stake of up to 1% in the exchange, subject to participation by other shareholders. SBI Chairman C S Setty tells PTI that SBI will divest 0.65% and its subsidiary SBI Capital Markets will sell 0.35% through the proposed public issue.
Multiple outlets report that SBI currently holds a 3.23% stake in NSE and SBI Capital Markets holds 4.33%. Together, the group’s potential sale through the IPO could total about 1%, but could be lower depending on how much other shareholders also sell in the process. The IPO is described as a proposed Rs 30,000-crore listing that received regulatory approval recently and is positioned as potentially India’s largest-ever exchange IPO.
In addition to the NSE stake sale, Setty also outlines other plans. The Economic Times and Free Press Journal cite him saying SBI intends to hire about 11,000–12,000 people and add around 250 branches net in the ongoing financial year, while also stating there are no immediate plans to monetize stakes in other subsidiaries.
