How to apply for SBI Life shares in the offer for sale
Jun 15, 2020, 11:04 IST
- The State Bank of India is divesting 2% of its stake in SBI Life.
- The SBI Life’s floor price has been fixed at ₹725 per share.
- You can apply for SBI Life shares using net banking or your brokerage.
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The State Bank of India (SBI) is divesting 2% of its stake in its subsidiary SBI Life to comply with the minimum public shareholding (MPS) norms. The floor price for the shares has been fixed at ₹725, which is at a discount of 2.24%.The SBI Life’s offer for sale (OFS) for institutional investors received more than two times the subscription as the total bids exceeded 38.6 million for the 18.9 shares offered. Retail investors will be able to buy 2.1 million shares.
What is an OFS?
Offer for Sale (OFS) is a method using which promoters in public companies can sell their shares and reduce their holdings through the bidding platform for the exchange.
What is the SBI Life OFS price?
The floor price for the shares has been fixed at ₹725 per share.
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You can apply for as many shares as you want as no limit has been fixed.
How much should I pay while applying for the shares?
Non-institutional investors are required to pay 100% of the share price. So, you will have to pay ₹725 per share.
How to apply for SBI Life shares?
To apply for SBI Life shares, you can use the net banking section of your bank or your brokerage. In this example, we will use Zerodha to apply for the SBI Life shares.
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- Go to Console in your Zerodha account.
- Now, in the OFS section, look for SBILIFE.
- Use the mouse to click on the three dots option menu.
- Now, click on ‘Place order’.
- Now, enter the number of shares you want to apply for.
- Select the ‘Market Order’ option and click on ‘Submit’.
SBI Life shares will be on offer at ₹725 a piece on June 15
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