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SBI rules out any fresh divestment in SBI general insurance


Devdiscourse News Desk new delhi India
Updated: 30-11-2018 18:37 IST
SBI rules out any fresh divestment in SBI general insurance

(Image Credit: Twitter)

State Bank of India Friday said its 4 per cent stake sale in general insurance arm took place in September this year and there is no fresh divestment of equity in SBI General Insurance.

"We would like to bring to your notice that the said development had happened on September 26, 2018. SBI had announced this development on the same date," SBI said in a statement.

Thursday, PTI inadvertently reported that the SBI has approved the sale of 4 per cent stake in SBI General Insurance for Rs 482 crore.

The SBI currently holds 70 per cent stake in SBI General Insurance, while 26 per cent in held by international joint venture partner AIG International Pty Ltd. Rest is held by two alternative investment funds (AIFs).

(With inputs from agencies.)

COUNTRY : India

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