SBI offloads 4% stake in general insurance arm for Rs 4.81 billion

The country's lead lender also plans to sell a stake in SBI Card and SBI Capital Market, MD Rajnish Kumar said

State Bank of India (SBI) has sold a 4 per cent stake in SBI General Insurance to Axis Asset Management Company (AMC) and  Premji Invest for Rs 4.81 billion. The stake sale is part of a pre-offer valuation exercise by SBI General Insurance ahead of its initial public initial public offering (IPO) in March 2019. 

SBI General Insurance is a joint venture between the SBI and Insurance Australia Group (IAG). SBI's stake in the venture has come down to 70 per cent, while IAG continues to hold a 26 per cent stake. 

The transaction placed a value of Rs 120