BNP Paribas Cardif, the joint venture partner in private life insurance company SBI Life, will offload 2.5 per cent equity stake in the life insurance company for about Rs 1,625 crore.
This will be done through an offer for sale (OFS) on the bourses for Rs 650 apiece.
The OFS will take place in two trading days. At present, BNP Paribas Cardif holds a 7.7 per cent equity stake in the life insurer.
After the deal, BNP Paribas Cardif ‘s stake in SBI Life will be reduced to 5.2 per cent.
In March, BNP Paribas had sold 5 per cent and 9.2 per cent for Rs 2,889 crore and Rs 4,751 crore, respectively, in the life insurer.
Shares of SBI Life closed 1.41 per cent higher at Rs 710.45 on the BSE.
Source: Business-Standard