SBI to sell 3.9% stake in life insurance company for Rs 1794 crore
SBI said, An investment vehicle affiliated with KKR-managed funds and an affiliate of Temasek, the Singapore based Investment Company, will each purchase 1.95 crore shares from SBI.
State Bank of India (SBI) on Friday said that it has approved sale of 3.9% stake in SBI Life to KKR and Temasek for Rs 1,794 crore.
The company said, "An investment vehicle affiliated with KKR-managed funds and an affiliate of Temasek, the Singapore based Investment Company, will each purchase 1.95 crore shares from SBI."
Arundhati Bhattacharya, Chairman, State Bank of India, said, "This transaction values SBI Life at Rs 46,000 crores, reflecting significant value creation since its inception in 2001.”
Upon completion of the transaction, SBI will hold 70.1% stake in SBI Life while its joint venture partner, BNP Paribas Cardif, will continue to hold 26.0%, the bank said.
Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited acted as the exclusive financial advisors for the transaction.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.