BNP Paribas Cardif sells 5% stake in SBI Life

On 12 March 2021, BNP Paribas Cardif offloaded 5,00,03,480 equity shares (representing 5% of equity) of SBI Life Insurance Company at an average price of Rs 911.28 per share via bulk deal on the BSE.

On the same day, the Government of Singapore purchased 1,67,59,530 shares, or 1.68% stake, of SBI Life via bulk deal at average price of Rs 915 on BSE. BNP Paribas Arbitrage also bought 90,20,000 shares, or 0.9% stake, of SBI Life via bulk deal at an average price of Rs 910 on the same day.

As of 31 December 2020, BNP Cardif, classified as promoter group, held 5.2% stake in SBI Life.

Shares of life insurance company were up 0.22% at Rs 915.9 on BSE.

SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 224,223 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.

The life insurer's net profit declined by 40.3% to Rs 232.85 crore on a 68.3% rise in total income to Rs 26,551.90 crore in Q3 FY21 over Q3 FY20.

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