SBI Life insurance launches block deal, Canada Pension Fund to sell 0.56% stake

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SBI Life insurance on March 28 launched a block deal wherein Canada Pension Fund will sell its 0.56 percent stake in the company at a price band of Rs 1,039 - Rs 1,077 apiece, per a CNBC-TV18 report.

This is the second sale by Canada Pension Fund in a week. Last week it sold 4 crore shares in Kotak Mahindra Bank.

The Canada Pension Fund on March 23 offloaded 1.41 to 2.02 percent stake in Kotak Mahindra Bank at Rs 1,681.26-1,769.75 per share. The total deal value was estimated to be around Rs 4,707.5 crore to Rs 4,955 crore.

For the December 2021 quarter, SBI Life reported net sales of Rs 20,671.96 crore, down 22.63 percent year-on-year (YoY). It had logged Rs 26,717.85 crore sales in December 2020.

Its quarterly net profit for the period stood at Rs 364.06 crore, up 56.35 percent against Rs 232.85 crore registered in December 2020.

The shares of SBI Life insurance closed at Rs 1,077 on March 28 on the BSE, down by Rs 15.60 or 1.43 percent as compared to the previous day's close.