SBI Life Falls The Most In Eight Months After Large Trade On NSE
Shares of SBI Life Insurance Company Ltd. fell the most in more than eight months following a large trade on the National Stock Exchange.
Nearly 2.76 crore shares, representing 2.76 percent SBI Life’s equity, changed hands on India’s largest stock exchange, according to Bloomberg data. The buyers and sellers were not immediately known.
This comes after Carlyle Group-backed CA Emerald Investments made an offer to sell up to 30 million shares in the life insurer, Bloomberg reported earlier today. CA Emerald Investments will offer the shares at Rs 930-940 apiece, a 6-7 percent discount to the closing price of Rs 1,000.05 apiece as on Nov. 18 on the NSE. The total offer value is Rs 2,790-2,820 crore.
Nov. 19 has been fixed as the day of trade and the settlement will be done on Nov. 21, Bloomberg reported. JP Morgan India Pvt. Ltd. is the broker for the secondary placement.
Shares of SBI Life fell as much as 7 percent, the most since March, to Rs 947 a share. That compares with a 0.32 percent gain in the benchmark NSE Nifty 50 Index.