US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, is looking to sell 3.5 per cent stake in
Company worth $447 million or Rs 3,308 crore through stock exchange platform on Friday, according to a term sheet issued by the sole book-runner JPMorgan.
The sale price has been fixed at 945 apiece, which is as much as 2.5 per cent lower than Thursday’s closing price of 969.30. As on March 31, 2021, CA Emerald Investments held 6 per cent stake in the company. An email query sent to Carlyle did not elicit any response. JP Morgan declined to comment.
The Washington-headquartered buyout group had acquired a 9 per cent stake in SBI Life Insurance in March 2019 for about $652 million in one of its biggest investments in India. The private equity firm purchased the stake from BNP Paribas Cardif SA.
Carlyle divested 3 per cent stake in SBI Life Insurance in November 2019 for about Rs 2,800 crore through an open market transaction.
SBI Life was incorporated as a joint venture between State Bank of India (SBI) and BNP Paribas. Last month BNP sold 5 per cent stake in SBI Life through the open market process to reduce its stake to 0.2 per cent.
Carlyle also has significant stakes in SBI Cards & Payments Services. Earlier in March, the private equity giant sold 4 per cent stake in SBI Cards worth $514 million or Rs 3,728 crore with nearly 1,335 per cent returns in four years.
Source: Economic Times