French insurer BNP Paribas Cardif has offloaded its 5% holding in SBI Life Insurance in a deal worth $628.1m (INR45.57bn).
The deal was carried out through an open market transaction. BNP Paribas Cardif sold over 50 million shares under the agreement, with shares priced at INR911.28 apiece.
SBI Life confirmed the news in a disclosure to exchanges, saying that its foreign promoter offloaded 4.99%, equivalent to 5,00,03,480 equity shares on 12 March 2021.
SBI Life is a joint venture between SBI and BNP Paribas Cardif. The French insurer held a 5.2% stake in SBI Life prior to the deal. With the transaction, its interest has been reduced to 0.2%.
State Bank of India (SBI) owns a stake of 55.5% in SBI Life. BNP Paribas Arbitrage and Government of Singapore bought 0.90% and 1.68% stakes, respectively, in SBI Life.
BNP Paribas Cardif has been selling its holding eventually in SBI Life.
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By GlobalDataIn March 2019, the French insurer sold a 9% stake in SBI Life to American investment firm Carlyle Group. In the same month, it also sold a 5% holding in SBI Life for INR28.89bn.
In June 2019, it divested a 2.5% stake in the life insurer for about INR16.25bn.
Founded in 2001, SBI Life has a unique multi-distribution model encompassing bancassurance, retail agency, institutional alliance and corporate solutions. It offers a range of life, health, pension, on-line and micro-insurance products.
