SBI shares fall 5% on the first day of SBI Card IPO bidding
SBI shares fall: In intraday, the share price of State Bank Of India dropped more than 5%. March 2nd, SBI card, and Payment Services opened IPO (initial public offering).
In the last three days, the stock has been dropped by more than 13%. March 2nd the share lost 15.40 points reached 287.60 INR with 5.08% down. on NSE. Whereas in BSE, it traded with a loss of 15.45 points reached 287.45 INR with 5.10% down.
Meanwhile, today (March 2nd) the IPO of the SBI Cards was available to subscribe. This will be eligible for qualified buyers. Tomorrow is the closing day (March 4th).
The Public issue Rs 10,355 crore, Fresh issue of Rs 500 crore, offers for sale 13,05,26,798 shares by SBI and CA Rover Holdings, a subsidiary of Carlyle Group. The deal is also up to 18,64,669 equity shares for eligible persons, Who will receive shares at the final issue price at a discount of Rs 75 per share. SBI shareholders allocated up to 1,30,52,680 shares.
SBI Cards plans to use the fresh issues to increase the company’s capital base. In the second-largest card issuer, SBI’s shareholding reduced to 69.51%, from 74%. Following SBI Life, SBI Cards is the second subsidiary of the State Bank of India.