State Bank of India Share Price – NSE /  BSE

Banks, Mid Cap

Bank SBI Indonesia (BSBII), the overseas Banking subsidiary of State Bank of India in Indonesia has an SBI holding of 99.56% stake. For the purpose of Regulatory compliance of meeting minimum 1% of local shareholding requirement, BSBII has proposed to issue preference shares to PT Bank KEB Hana, Indonesia.

As part of the arrangement, State Bank of India, PT Bank KEB Hana Indonesia and Bank SBI Indonesia have signed Shareholders' Agreement on 10 September 2024, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.

PT Bank KEB Hana Indonesia is a subsidiary of South Korean financial institution, Hana Financial Group. After induction of Bank KEB Hana as minority shareholder, SBI's shareholding will be 99% in Bank SBI Indonesia.

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State Bank of India announced that CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the Rs 7,500 crore Tier II Bonds under Basel III of State Bank of India and has reaffirmed its 'CRISIL AAA/CRISIL AA+/Stable' ratings on the other debt instruments.

CRISIL Ratings has also withdrawn its rating on Tier I bonds of Rs 3104.8 crore (See 'Annexure - Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL Ratings has received independent verification that these instruments are fully redeemed.

The ratings continue to centrally factor in the SBI group's dominant market position in the Indian banking industry, strong resourceprofile and adequate capitalisation. The ratings also factor in the continued strong support that the bank is likely to receive from itsmajority owner, Government of India (GoI), both on an ongoing basis and in the event of distress. These strengths are partially offsetby the average asset quality of the group.

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State Bank of India fell 1.28% today to trade at Rs 808.15. The BSE BANKEX index is down 0.31% to quote at 58240.65. The index is up 2.12 % over last one month. Among the other constituents of the index, ICICI Bank Ltd decreased 0.8% and Canara Bank lost 0.46% on the day. The BSE BANKEX index went up 15.81 % over last one year compared to the 24% surge in benchmark SENSEX.

State Bank of India has lost 0.12% over last one month compared to 2.12% gain in BSE BANKEX index and 3.4% rise in the SENSEX. On the BSE, 18339 shares were traded in the counter so far compared with average daily volumes of 5.78 lakh shares in the past one month. The stock hit a record high of Rs 912.1 on 03 Jun 2024. The stock hit a 52-week low of Rs 543.15 on 26 Oct 2023.

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State Bank of India announced the nomination of Nagaraju Maddirala, (Secretary, Government of India, Ministry of Finance, Department of Financial Services) as Director on the Central Board of the Bank with immediate effect and until further orders, vice Vivek Joshi.

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