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SBI to buy back shares worth Rs99 crore in primary dealership unit

LiveMint logoLiveMint 27-09-2017 PTI

New Delhi: State Bank of India (SBI) on Wednesday said it will buyback shares worth over Rs99 crore in its primary dealership subsidiary company SBI DFHI (Discount & Finance House of India) .

“Executive Committee of Central Board in its meeting held on September 27 has accorded final approval for buyback of equity shares held by State Bank of India in SBI DFHI for buyback,” SBI said in a regulatory filing.

As per the approval, SBI will buyback 1,911,974 equity shares it held in SBI DFHI for Rs520 per share aggregating to Rs99.42 crore. SBI has the largest shareholding of 72.17% in the company, while 22.32% is owned by nationalised banks and the rest of 5.51% by financial institutions and private banks.

SBI DFHI was created in 2004 as a result of amalgamation of RBI-promoted DFHI and SBI Gilts Ltd (SBI subsidiary). The company is engaged into book building process in primary auctions of government securities.

The company said it also actively participates in the domestic interest rate derivatives and equities/equity futures markets. SBI stock closed 2.89% down at Rs250.45 on BSE.

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