LIC ups stake in SBI to 9.49% via QIP route, buys over 6.1 crore shares worth Rs 5,000 crore
ADVERTISEMENT SBI on Monday allotted over 30.59 crore equity shares to institutional investors at an issue price of Rs 817 apiece, the largest Indian lender informed exchanges via a company filing.
Shares of LIC today ended at Rs 928.95 on the NSE, gaining by Rs 5.80 or 0.63% over the Friday closing price while those of SBI ended with minor gains of 0.15% at Rs 824.60.
SBI's record Rs 25,000-crore institutional share sale was bid more than four times the stock on offer, with marquee names such as the $11-trillion asset manager BlackRock Group and London hedge fund Marshall Wace joining in to buy into the mass lender's first such capital-raising in eight years, ET reported on Friday citing people familiar with the bids.Against Rs 25,000 crore of stock SBI offered in India's biggest qualified institutional placement (QIP) to date, the most-valued government asset drew bids worth Rs 1.10 lakh crore from about 120 interested parties. Market sources said aggressive bids came from both local and overseas funds as an SBI share sale - especially of this magnitude - is relatively rare.
ADVERTISEMENT Cyril Amarchand Mangaldas and Linklaters were advisors to SBI on its QIP, which is the largest ever in Indian history. S&R Associates and Allen Overy Shearman Sterling advised the book running lead managers to the deal.The book running lead managers comprise Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, and Citigroup.
ADVERTISEMENT The QIP was above Coal India's Rs 22,560 crore issue from 2015, making it the largest of its kind on India's bourses.
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