Shares of country’s largest lender State Bank of India rose over 1 per cent on the Bombay stock Exchange after its central board approved divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday. Buoyed by the development, shares of the bank gained as much as 1.34 per cent to hit intra-day high of Rs 289.40 apiece on the Bombay Stock Exchange.
The stocks were currently trading at Rs 287.70 against previous close price of Rs 285.55. In a similar fashion, shares of the lender were trading 0.75 per cent higher at Rs 287.70 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 31,844.54, up by 128.90 points, or 0.41 per cent, at 12:10 hours.