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Carlyle Group sells 3% stake in SBI Life in open market for Rs 2,800 cr

The shares were offloaded at an average price of Rs 938.83, valuing the transaction at Rs 2,816.5 crore, the data showed

Press Trust of India  |  New Delhi 

SBI Life Insurance, SBI Life

Private equity firm on Tuesday divested 3 per cent stake in for over Rs 2,800 crore through an open market transaction.

Carlyle Group, through its entity CA Emerald Investment, had acquired 9.2 per cent stake in the life insurer in March.

According to bulk deal data available with the National Stock Exchange (NSE), sold a total of 3 crore shares, amounting to 3 per cent stake, of SBI Life.

The shares were offloaded at an average price of Rs 938.83, valuing the transaction at Rs 2,816.5 crore, the data showed.

However, the buyer of the shares could not be ascertained immediately.

As of September quarter, held 9 per cent stake in the company through its investment arm CA Emerald Investments.

SBI Life is a joint venture between the State Bank of India and leading global insurance company BNP Paribas Cardif.

As on September-end this year, SBI owned 57.6 per cent stake in the insurance company, while BNP Paribas held 5.20 per cent.

Following the transaction, shares of SBI Life plunged 6.3 per cent to settle at Rs 936.95 on the NSE.

First Published: Tue, November 19 2019. 20:10 IST
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