BNP Paribas Cardif, the foreign partner of SBI Life Insurance, Friday sold 5 crore shares of the company for Rs 2,889 crore. The sale was done at average price of Rs 577.93 per equity share. Meanwhile, Canada Pension Plan Investment Board has bought 2 crore shares at an average price of Rs 577.50 per shares, as per the regulatory filing.

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The transactions were carried out as bulk deal from one investor to another. In respect of the sale of shares of SBI Life Insurance Company Limited by BNP Paribas Cardif, a regulatory said the transaction is not to meet minimum public shareholding (MPS) criteria. 

The company is required to increase its public shareholding to 25 per cent of its paid-up equity share capital on or before October 2, 2020.

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"Accordingly, we would like to clarify that this sale is not being undertaken as per the methods prescribed by SEBI for achieving the MPS Threshold and is not being undertaken with a view to comply with the MPS Threshold," the regulatory filing said.