 "BNP Paribas Cardif to offload 2.5% stake in SBI Life for Rs 1,625 crore")
BNP Paribas Cardif, the joint venture partner in private life insurance company SBI Life, will offload 2.5 per cent equity stake in the life insurance company for about Rs 1,625 crore. This will be done through an offer for sale (OFS) on the bourses for Rs 650 apiece. The OFS will take place in two trading days. At present, BNP Paribas Cardif holds a 7.7 per cent equity stake in the life insurer. After the deal, BNP Paribas Cardif ‘s stake in SBI Life will be reduced to 5.2 per cent. In March, BNP Paribas had sold 5 per cent and 9.2 per cent for Rs 2,889 crore and Rs 4,751 crore, respectively, in the life insurer. Shares of SBI Life closed 1.41 per cent higher at Rs 710.45 on the BSE.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%