BNP Paribas Cardif, the foreign partner of SBI Life Insurance Co. Ltd., will sell up to 2.5 crore shares, representing 2.5 percent stake in the insurance company, for atleast Rs 1,625 crore through an offer-for-sale.
The two-day SBI Life OFS, for which the floor price has been fixed at Rs 650 per share, will open on Tuesday, the insurer said in a BSE filing on Monday. The floor price is lower than Monday's closing price of Rs 710.45 per share on the BSE.
BNP Paribas held 7.7 crore shares, representing 7.7 percent stake in the insurance company as on March 31. The State Bank of India holds 62.10 per cent stake in the company.
BNP Paribas Cardif has been gradually off-loading its stake in the company. On March 29, it had sold 5 crore shares of the insurance company for Rs 2,889 crore.
Earlier in the same month, Carlyle Group had acquired 9 percent stake in SBI Life Insurance from BNP Paribas Cardif.
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