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BNP Paribas Cardif to offload 2.5% stake in SBI Life for Rs 1,625 crore

In March, BNP Paribas had sold 5 per cent and 9.2 per cent for Rs 2,889 crore and Rs 4,751 crore, respectively, in the life insurer

Subrata Panda 

The logo of BNP Paribas bank is pictured on an office building in Nantes, France. Photo: Reuters

Cardif, the joint venture partner in private life insurance company SBI Life, will offload 2.5 per cent equity stake in the life insurance company for about Rs 1,625 crore. This will be done through an offer for sale (OFS) on the bourses for Rs 650 apiece. The OFS will take place in two trading days. At present, Cardif holds a 7.7 per cent equity stake in the life insurer. After the deal, Cardif ‘s stake in will be reduced to 5.2 per cent. In March, BNP Paribas had sold 5 per cent and 9.2 per cent for Rs 2,889 crore and Rs 4,751 crore, respectively, in the life insurer. Shares of closed 1.41 per cent higher at Rs 710.45 on the


First Published: Mon, June 24 2019. 23:32 IST
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