<\/p>\n
SBI Life Insurance company said the floor price set for the sale was Rs 725, and hence the PSB would net Rs 1552 crore from the divestment. According to an exchange filing made by the insurer, non-retail investors will be able to take part in the sale on June 12, whereas retail investors as well as non-retail investors choosing to carry forward bids, the sale will take place on June 15.<\/p>\n
In Q2FY20, SBI had divested a certain portion of the life insurer, through the transaction of which the PSB netted Rs 3484.30 crore, which also helped SBI to post its highest ever profit in its history.<\/p>\n
Fund Raise<\/a><\/b> SBI on June 5 declared an FY20 profit of Rs 14,488 crore <\/a>\u2013 the highest ever in the lender\u2019s history. A Rs 6215 crore profit boost to the PSB\u2019s bottom line was brought by stake sales in SBI Life Insurance Company and SBI Cards<\/a> & Payment Services, during the year. For Q4FY20, the bank declared a profit of Rs 3581 crore, a decline of 35% in comparison to the previous quarter.<\/p>\n<\/div>\n
The PSB\u2019s board also decided to \u201cexamine the status and decide on long term fund raising in single\/multiple tranches up to $1.5B,\u201d SBI, in an exchange filing said the fund raise would be through \u201cpublic offer and\/ or private placement of senior unsecured notes<\/a> in US Dollar or any other convertible currency during FY 2020-21.\u201d<\/p>\n