BNP Paribas Cardif to sell 2.5 pc stake in SBI Life for Rs 1,625 cr

BNP Paribas Cardif, which is the foreign partner of SBI Life Insurance, has decided to sell up to 2.5 crore shares, representing 2.5 per cent stake in the insurance company, for at least Rs 1,625 crore through offer for sale (OFS) mechanism.

1. According to SBI Life Insurance Company's filing with the BSE today, the two-day OFS, for which the floor price has been fixed at Rs 650 per share, will open on Tuesday.

2. The floor price is lower than Monday's closing rate of Rs 710.45 per share on the BSE.

3. BNP Paribas held 7.7 crore shares, representing 7.7 per cent stake in the insurance company as on March 31, while the SBI holds 62.10 per cent stake in the company.

4. BNP Paribas Cardif has been gradually off-loading its stake in the company, as on March 29, it had sold 5 crore shares of the insurance company for Rs 2,889 crore.

5. In the same month, Carlyle Group had acquired nine per cent stake in the life insurer from BNP Paribas Cardif.