SBI Life makes a muted debut

Mumbai: Shares of SBI Life Insurance on Tuesday saw a muted listing on bourses, settling at Rs 708, a premium of just 1.14 per cent over the issue price on BSE. It debuted with 5 per cent premium over the issue price of Rs 700 and saw intraday high of Rs 738 and a low of Rs 702.25 on BSE.

The market capitalisation of the company stood at Rs 70,800 crore at the end of the trading session. “We hope that the contribution and vigilance of non promoter investors would bring even more or greater discipline in the performance of SBI Life which we 
believe will be great to take company to next level,” SBI chairman Arundhati Bhattacharya said at the listing ceremony here.

On NSE, the stock listed at Rs 735 and touched an intra-day high of Rs 740 and a low of Rs 701.70. It finally settled for the day at Rs 707.55, up 1.07 per cent. SBI Life Insurance managing director and CEO Arijit Basu said: “We intend to continue to explore opportunities to expand our operations in South Asia, including in Nepal and Bangladesh, and have obtained all regulatory approvals for starting operations in Bahrain. The company intends to expand its protection product portfolio, with a particular emphasis on credit life protection products.