SBI Life Insurance Company (SBI Life) on Monday said its promoter BNP Paribas Cardif, holding 0.2 per cent share capital, has requested to be reclassified as a public shareholder.
"The company has received request from BNP Paribas Cardif, one of the promoters of the company, holding 0.20 per cent of the paid-up share capital of the company, vide letter dated February 21, 2022 for reclassifying its shareholding in the company from the promoter and promoter group category to public category," SBI Life said in a regulatory filing.
The insurer said it will place the request for re-classification before its board of directors at the ensuing board meeting of the company.
Necessary steps will be undertaken in accordance with the applicable regulatory provisions, it added.
As per Sebi guidelines, a promoter or promoter group seeking reclassification should not hold more than 10 per cent of the voting rights in the company.
SBI Life shares closed at Rs 1,129.15 apiece on BSE, down 1.86 per cent from the previous close.