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SBI Life Insurance falls 6% on BNP Paribas stake sale

Post-transaction, BNP Paribas Cardif's stake in SBI Life Insurance is likely to decline to 7.57 per cent from 12.77 per cent

SI Reporter  |  Mumbai 

Stock market

Life Insurance shares slipped 6 per cent to Rs 577 on the in early morning trade on reports that Cardif had sold its stake in the company through the open market.

At 09:15 am, around 52.23 million shares, representing 5.2 per cent of total equity, of Life Insurance changed hands on the counter on the at the price of Rs 582 via block deals, data shows.

The name of the buyers and sellers not ascertained immediately.

Post-transaction, Cardif's stake in Life Insurance is likely to decline to 7.57 per cent from 12.77 per cent as on March 1, 2019.

Earlier, on March 1, Cardif, the joint venture partner in SBI Life Insurance, had sold 9.2 per cent of its stake in the life insurance company for Rs 4,751 crore at the price of Rs 515 per share.

Of the 9.2 per cent stake sold by BNP Paribas Cardif SA, CA Emerald Investments, a part of investment firm Carlyle Group, acquired a 9 per cent stake in SBI Life Insurance in the open market through stock exchanges. The equity for this investment of the Carlyle Group came from CA Emerald Investments.

At 09:38 am, SBI Life Insurance was trading 5.4 per cent lower at Rs 584 on the BSE, as compared to 0.19 per cent rise in the S&P BSE

First Published: Fri, March 29 2019. 09:40 IST