Carlyle Group Sells 3% Stake In SBI Life For Rs 2,800 Crore
Two people are seen filling forms. (Photographer: Akio Kon/Bloomberg)

Carlyle Group Sells 3% Stake In SBI Life For Rs 2,800 Crore


Private equity firm Carlyle Group on Tuesday divested 3 percent stake in SBI Life Insurance Company Ltd. for over Rs 2,800 crore through an open market transaction.

Carlyle Group, through its entity CA Emerald Investment, had acquired 9.2 percent stake in the life insurer in March.

According to bulk deal data available with the National Stock Exchange, Carlyle Group sold a total of 3 crore shares, amounting to 3 percent stake, of SBI Life.

The shares were offloaded at an average price of Rs 938.83, valuing the transaction at Rs 2,816.5 crore, the data showed.

However, the buyer of the shares could not be ascertained immediately.

As of September quarter, Carlyle Group held 9 percent stake in the company through its investment arm CA Emerald Investments.

SBI Life is a joint venture between the State Bank of India and leading global insurance company BNP Paribas Cardif.

As on September-end this year, SBI owned 57.6 percent stake in the insurance company, while BNP Paribas held 5.20 percent.

Following the transaction, shares of SBI Life fell 6.3 percent to settle at Rs 936.95 on the NSE.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.