SBI to sell 4% of its existing shareholding in SBI General Insurance

The company has 111 branches across the country, about 95 of which are in urban areas

The State Bank of India (SBI) has informed the stock exchanges that its board is looking to sell 4 per cent of its existing shareholding in SBI General Insurance to a non-promoter entity through small parcel share sale (SPSS). SBI General, formed in 2010, is a joint venture between SBI and the Insurance Australia Group.

Once the sale is complete, SBI’s stake in its general insurance arm will come down to 70 per cent from 74 per cent. IAG has a 26 per cent shareholding in the company. The move could be construed as an exercise in price discovery ahead of