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SBI Life Insurance rebounds 21% after Carlyle Group acquires 9% stake

The stock moved higher by 6.5% to Rs 618, bouncing back 21% from its early morning low of Rs 510 on the BSE.

SI Reporter  |  Mumbai 

SBI Life Insurance rebounds 21% after Carlyle Group acquires 9% stake

Shares of climbed 6.5 per cent to Rs 618 on the in intra-day trade after ("Emerald") acquired 9 per cent stake in the company through open market on Friday. The stock bounced back 21 per cent from its early morning low of Rs 510 on the

("Emerald") has successfully acquired 90 million equity shares of our company, cumulatively representing 9.0 per cent of the total issued and paid-up equity share capital of our Company, as on March 1, 2019,” said in a regulatory filing.

is an affiliated entity of a fund.

BNP Paribas Cardif S.A. ("Cardif") said that it has successfully sold 92.25 million equity shares, representing 9.2 per cent of SBI Life Insurance, on Friday. The acquisition by Emerald and sale by Cardif has been consummated on the floor of the stock exchanges, it said.

Following the transaction, BNP Paribas Cardif's stake in SBI Life dropped to 12.8 per cent from earlier 22 per cent. State Bank of India (SBI) remained the majority shareholder with a 62.1 per cent stake in

At 03:09 pm, SBI Life Insurance was trading 6 per cent higher at Rs 615 on the In comparison, the S&P BSE was up 0.59 per cent or 211 points at 36,079.

First Published: Fri, March 01 2019. 15:12 IST
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