BNP Paribas Cardif Offloads 5% In SBI Life Via Open Market Sale
BNP Paribas Cardif, the French insurer, has sold a 5 per cent stake, or a little over 50 million shares, in private sector life insurer SBI Life for Rs 4,556.7 crore at Rs 911 a share in an open market sale.
In a disclosure to exchanges, SBI Life said the foreign promoter of the company sold 4.99 per cent, equivalent to 5,00,03,480 equity shares on March 12, 2021, through the open market process.
With this, the shareholding of the French insurer has come down to 0.2 per cent in SBI Life.
Before the sale of shares, BNP Paribas Cardif held 5.2 per cent stake in SBI Life, with the country’s largest lender State Bank of India (SBI), the promoter of the company, holding more than 55 per cent stake. Among the buyers, the government of Singapore bought 1.68 per cent stake for Rs 1,533.5 crore at Rs 915 a share. And, BNP Paribas Arbitrage bought 0.9 per cent for Rs 820 crore at Rs 910 per share.
Shares of SBI Life closed at Rs 913.90, down 2.78 per cent on the BSE.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more