Shares of State Bank of India rose on Wednesday after it proposed acquisition of additional stake in SBI Pension Funds.
SBI will acquire an additional 20% stake in SBI Pension Funds for Rs 229.52 crore from SBI Capital Markets for better governance, an exchange filing said. The acquisition is expected to be completed by Dec. 15 and post this the bank's holding will increase to 80%. "Proposed transaction of acquisition is being done on arm's length basis, which is based on the valuation report of Deloitte Touche Tohmatsu India."
Shares of SBI rose as much as 5.75%, the highest since Aug. 1, before paring gains to trade 0.30% higher at 11:13 a.m. This compares to a 0.34% advance in the NSE Nifty 50.
The stock has fallen 0.57% on a year-to-date basis. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 73.
Of the 52 analysts tracking the company, 47 maintain a 'buy' rating, three recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.5%.
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