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Last Updated : Jun 24, 2019 10:58 PM IST | Source: PTI

BNP Paribas Cardif to sell 2.5% stake in SBI Life for Rs 1,625 cr

The two-day OFS, for which the floor price has been fixed at Rs 650 per share, will open on June 25, SBI Life Insurance Company said in a BSE filing June 24.

 
 
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BNP Paribas Cardif, the foreign partner of SBI Life Insurance, will sell up to 2.5 crore shares, representing 2.5 per cent stake in the insurance company, for at least Rs 1,625 crore through offer for sale (OFS) mechanism.

The two-day OFS, for which the floor price has been fixed at Rs 650 per share, will open on June 25, SBI Life Insurance Company said in a BSE filing June 24.

The floor price is lower than Monday's closing rate of Rs 710.45 per share on the BSE.

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BNP Paribas held 7.7 crore shares, representing 7.7 per cent stake in the insurance company as on March 31.

The State Bank of India holds 62.10 per cent stake in the company.

BNP Paribas Cardif has been gradually off-loading its stake in the company.

On March 29, BNP Paribas Cardif had sold 5 crore shares of the insurance company for Rs 2,889 crore.

Earlier in the same month, Carlyle Group had acquired nine per cent stake in the life insurer from BNP Paribas Cardif.

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First Published on Jun 24, 2019 10:44 pm
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