SBI plans to sell 3.89 pc stake in NSE

State Bank of India today said it proposes to sell 3.89 percent stake in the National Stock Exchange of India Ltd (NSE) as part of capital raising exercise.

Banks, including SBI, have decided to exit the non-core business and focus on their core activity.

The appropriate authority has accorded approval to explore and initiate the process of divestment up to 3.89 percent of the stake of SBI in NSE through secondary sale, SBI said in a filing to stock exchanges.

The stake sale in the course will help the bank to raise capital that can be used for expanding its core activity.

Currently, SBI holds 5.19 percent stake in NSE.

In 2016, SBI sold 5 percent stake in NSE to Mauritius-based Veracity Investments for Rs 911 crore, valuing the exchange at over Rs 18,200 crore.

Post this transaction, SBI holds 5.19 percent stake while its subsidiary, SBI Capital, holds 4.33 percent stake in NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)