Canada Pension Fund sells 0.56% stake in SBI Life for Rs 597 cr

It sold 5.58 million shares at Rs 1,068.35 apiece. Buyers included Aditya Birla Sun Life MF, Avendus, ICICI Prudential MF, Singapore's GIC and Goldman Sachs

Canda Pension Plan Investment Board (CPPIB) on Tuesday sold 0.56 per cent stake in SBI Life Insurance for Rs 597 crore.

It sold 5.58 million shares at Rs 1,068.35 apiece. Among the buyers were Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore's GIC and Goldman Sachs.

Shares of SBI Life closed at Rs 1,101, up 2 per cent over previous day's close.

Last week, CPPIB had sold shares worth Rs 6,800 crore in Kotak Mahindra Bank. Market is a abuzz that the Canada-based investment major was looking to liquidate holdings in a few more Indian companies.