American private equity firm KKR has sold shares worth about $75m that it held in life insurance firm SBI Life Insurance.

SBI Life is a joint venture between India’s largest bank State Bank of India and global insurance firm BNP Paribas Cardif.

The stake sale marks the third time this year that KKR has divested shares of SBI Life.

KKR purchased stake in SBI Life in December 2016, when the company along with Singapore state-owned investor Temasek, acquired 19.5 million shares, each, from SBI Life promoter State Bank of India.

In July this year, Value Line, an affiliate of US firm that held the shares in SBI Life, had sold 6.5 million shares. In August, the private equity company sold another tranche of 5.3 million shares.

Prior to the divestments, KKR held a total of 19.5 million shares in SBI Life, representing a 1.95% stake in the life insurer.

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The latest sale will see the private equity firm have 2.23 million shares in the life insurance company, in which SBI owns 62.1% of the total capital and BNP Paribas Cardif 22% of the capital.

SBI Life Insurance, which started as a joint venture with BNP Paribas in 2001. has an authorised capital of $290mand a paid up capital of $140m.