Canada Pension Plan to sell 2% in SBI Life, eyes Rs 2,440 cr at top end

In case the demand is strong, it has the option to sell its entire holding

The Canada Pension Plan Investment Board (CPPIB) plans to offload 2 per cent stake in SBI Life Insurance Company on Thursday, according to terms of the deal obtained by Bloomberg. The shares will be offered in the range between Rs 1,159 and Rs 1,220 per share.

At the top end, the share sale will fetch Rs 2,440 crore.

SBI Life’s shares last closed at Rs 1,220, down 1.64 per cent over its previous day’s close.

In case the demand is strong, CPPIB has the option to sell its entire holding.

Currently, the Canadian investment manager holds 28.58 million, or 2.86