 "SBI Life share sale subscribed 3.4 times; stock ends 5% lower at Rs 675")
The Rs 1,625-crore share sale in private sector life insurance company SBI Life received a huge response on Tuesday. The offer for sale (OFS) saw bids for nearly 89 million shares, 3.4 times the 25 million shares on offer. Most of the bids came at Rs 670 per share, higher than the base price of Rs 650 set for the OFS, the data provided by stock exchanges showed. Shares of SBI Life, however, fell 5 per cent to end at Rs 675 in the secondary market.
The selling shareholder in the OFS was BNP Paribas Cardif, a joint venture partner in SBI Life. BNP will be able to mop up over Rs 1,625 crore for its 2.5 per cent stake in SBI Life. Following the sale, its holding will drop to 5.2 per cent from 7.7 per cent now. In March, BNP Paribas sold 5 per cent and 9.2 per cent stake for Rs 2,889 crore and Rs 4,751 crore, respectively in the firm.
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