You are here: Home » Markets » News
Business Standard

SBI Life slips 6% after 3% equity changes hands in multiple block deals

Earlier, reports said that Carlyle Group was looking to sell 3 per cent of its stake in SBI Life in the price range Rs 930-940 apiece, a 6-7 per cent discount to Monday's closing price.

SI Reporter  |  New Delhi 

Life insurance, insurance

Shares of Insurance Company slipped over 6 per cent in the opening deals on Tuesday after reports said 3.37 crore shares or 3.4 per cent equity worth Rs 3,222 crore of the company traded in multiple block deals at an average price of Rs 945 per share.

At 09:30 am, the stock was trading 6 per cent lower at Rs 939 apiece on the BSE. In comparison, the S&P BSE Sensex was trading 107 points or 0.26 per cent higher at 40,391 levels.

Earlier, reports said that Carlyle Group, the private equity firm, was looking to sell 3 per cent of its stake in in the price range Rs 930-940 apiece, a 6-7 per cent discount to Monday’s closing price. Merchant bank JP Morgan is the advisor to the block deal, as per reports.

Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.

In March, BNP Paribas Cardif had sold a total of 14.29 crore shares at an average price of Rs 546.47.

For September quarter of the current fiscal year (Q2FY20), SBI Life reported over 48 per cent decline in its net profit at Rs 129.84 crore in the. It had registered a net profit of Rs 250.53 crore in the corresponding July-September period of previous fiscal 2018-19.

The company's total premium income during July-September rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period. Its new business premium (NBP) rose 40 per cent to Rs 7,820 crore in the second half of the current fiscal as against Rs 5,570 crore in the year-ago period.

First Published: Tue, November 19 2019. 09:32 IST
RECOMMENDED FOR YOU