SBI shelves plans to list SBI General

MUMBAI: SBI has put on hold its plans to list its non-life subsidiary

SBI General

and is unlikely to dilute equity too. The bank’s chairman Rajnish Kumar said currently there is no need to dilute equity in SBI General and that the bank itself is not looking at raising equity as it is generating enough by way of internal accruals.


He added that the lender will divest some of its shares through an IPO in its credit card subsidiary SBI Card in the fourth quarter. “The divestment of its shares in SBI Life through a follow-on issue was part of a commitment made to the markets regulator.

At the time of the IPO, we had committed to

Sebi

that we would offload an additional 6.5% stake by October 20. In keeping with this commitment, we sold 4.5% and the response has been more than expected. The remaining 2%, we will divest by October 20,” said Kumar.
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