India's State Bank Plans to Sell Shares in the U.S., Paper Says
sbi.co.in
Bloomberg News
August 4, 1999, 3:15 a.m. PT
Mumbai, Aug. 4 (Bloomberg) -- State Bank of India Ltd., or SBI, the nation's biggest commercial bank, said it is preparing to sell its shares in the United States, the Economic Times reported, citing unidentified officials at the bank. It will start a global tour to promote the American Depositary Receipt issue in November. The Reserve Bank of India or the central bank's stake in State Bank will fall below 51 percent after the sale of the shares, the business daily said.
State Bank shares rose 1 percent to 246.00 rupees ($5.70) on the Stock Exchange, Mumbai.
(The Economic Times, 08/4, pg. 1, www.economictimes.com) |
