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SBI Life Insurance rises on block deal, stake sale by Canada pension fund

A block deal worth Rs 596.5 crore took place today morning and yesterday a Canada pension fund sold 0.56 percent stake in the firm at a price band of Rs 1,039-Rs 1,077 apiece as per CNBC-TV18

March 29, 2022 / 10:10 AM IST
SBI Life insurance 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.

SBI Life insurance 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.

 
 
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SBI Life Insurance Company share price rose over two percent on a block deal worth Rs 596.5 crore today morning and yesterday's sale of 0.56 percent stake in the firm by Canada pension fund at a price band of Rs 1,039-Rs 1,077 apiece as per CNBC-TV18.

This is the second sale by the fund in a week. Last week it sold four crore shares in Kotak Mahindra Bank, offloading 1.41 to 2.02 percent stake in Kotak Mahindra Bank at Rs 1,681.26-1,769.75 per share on March 23. The total deal value was estimated to be around Rs 4,707.5-4,955 crore.

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At 09:40 hours, SBI Life was trading at Rs 1,099.90, up Rs 22.30 or 2.07 percent on NSE. It has touched an intraday high of Rs 1,116.70 and an intraday low of Rs 1,093.10.

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.

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

SBI Life earlier declared an interim dividend of Rs 2 per equity share for the financial year 2021-22.

The company has fixed March 30 as the record date to determine the shareholders' eligibility for the interim dividend which will be paid on or before April 20, 2022.



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Moneycontrol News
first published: Mar 29, 2022 10:10 am
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