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Last Updated : Nov 19, 2019 09:28 PM IST | Source: PTI

Carlyle Group sells 3% stake in SBI Life 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.

 
 
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Private equity firm Carlyle Group on November 19 divested 3 per cent stake in SBI Life Insurance for over Rs 2,800 crore through an open market transaction. Carlyle Group, through its entity CA Emerald Investment, had acquired a 9.2 percent stake in the life insurer in March.

This confirms Moneycontrol's exclusive newsbreak on November 18 about Carlyle launching a block deal to offload up to 3 percent stake in SBI Life.

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

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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, Carlyle Group held a 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 Cardiff.

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.

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First Published on Nov 19, 2019 09:14 pm
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