Carlyle Group sells 3 pc stake in SBI Life for Rs 2,800 cr

Private equity firm Carlyle Group on Tuesday divested 3 per cent stake in SBI Life Insurance for over Rs 2,800 crore through an open market transaction. Carlyle Group, through its entity CA Emerald Investment, had acquired 9.2 per cent stake in the life insurer in March.

According to bulk deal data available with the National Stock Exchange (NSE), Carlyle Group sold a total of 3 crore shares, amounting to 3 per cent 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 per cent 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 per cent stake in the insurance company, while BNP Paribas held 5.20 per cent.

Following the transaction, shares of SBI Life plunged 6.3 per cent to settle at Rs 936.95 on the NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)