State Bank of India (SBI), country's largest public sector lender has received its board approval to dilute 10% of its stake in the life insurance venture SBI Life through public offer. Of the 10% stake on offer in SBI Life Insurance Company, 8% will be sold via an offer for sale, while the remaining will be fresh issuance of shares.

Total volume of shares traded on the bourses today was lower by 48.44% to 6,860,752 compared with 22-day average volume of 13,307,169.

Shares of the bank gained Rs 1.9, or 0.69%, to trade at Rs 277.95. The total volume of shares traded was 589,410 at the BSE (10.54 a.m., Monday).