Shares of State Bank of India was trading lower on the BSE. ~64 lakh shares changed hands in a block trade.
Further, the bank said on Wednesday that it is planning to dilute stake in its card business through the initial public offer (IPO) route. The bank currently holds 74% stake in SBI Cards & Payment Services Private Limited, as per its filing.
As per the regulatory filing, the Executive Committee of Central Board of the bank at its meeting held on Wednesday “has given in-principle approval to explore the possibility of diluting SBI’s stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard.