SBI Life Insurance Company shares fell 6 percent intraday Friday after BNP Paribas Cardif offloaded major shareholding in the company through open market transaction.
The stock was quoting at Rs 590.70, down Rs 26.05, or 4.22 percent on the BSE, at 11:37 hours IST. It shed 12 percent in last one year.
In a BSE filing, SBI Life said BNP Paribas sold 5.074 percent stake in company through block deal on March 29.
After this deal, BNP Paribas Cardif, the second promoter after State Bank of India, reduced its stake to 7.701 percent from 12.775 percent earlier.
In September 2018, BNP Paribas Cardif had said that it may consider reducing its stake in the company to ensure compliance with minimum public shareholding requirement in accordance with applicable law. As per the law, a company should have minimum public float of 25 percent.
In March 2019, BNP Paribas Cardif sold 9.2 percent stake in SBI Life Insurance in a block deal to CA Emerald Investments.The international insurance company had held 22 percent or 22 crore shares of SBI Life Insurance as of December 2018.