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Last Updated : Jun 25, 2019 11:43 AM IST | Source: Moneycontrol.com

SBI Life tanks 5% as BNP Paribas Cardif proceeds to offloads stake via OFS

The two-day OFS will remain open till June 26, SBI Life Insurance said, adding the floor price is fixed at Rs 650 per share which is 8.5 percent discount to June 24 closing price

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SBI Life Insurance Company shares fell 5 percent intraday on June 25 after foreign partner BNP Paribas Cardif said it will sell up to 2.5 percent stake in the company.

As of March 2019, BNP Paribas held 7.7 crore shares, representing 7.7 percent stake in the insurance company and State Bank of India held 62.10 percent stake.

On June 24, after market hours, the insurance company said BNP Paribas Cardif would sell up to 2.5 crore shares for at least Rs 1,625 crore through an offer for sale (OFS) mechanism.

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The two-day OFS will remain open till June 26, SBI Life Insurance said, adding the floor price is fixed at Rs 650 per share which is 8.5 percent discount to June 24 closing price on the BSE.

BNP Paribas Cardif has been gradually selling its stake in the company. Earlier in March, it had sold 5 crore shares for Rs 2,889 crore while in the same month, Carlyle Group had acquired nine percent stake in the life insurer from BNP Paribas Cardif.

The stock was quoting at Rs 680.60, down Rs 29.85, or 4.20 percent on the BSE at 1124 hours IST.
First Published on Jun 25, 2019 11:43 am
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