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BNP Paribas Cardif to offload 2.5% stake in SBI Life Insurance

SBI Life Insurance’s foreign partner — BNP Paribas Cardif will sell up to 2.5 crore shares, representing 2.5 per cent stake in the company, for at least Rs 1,625 crore through offer for sale (OFS) mechanism. For two-day OFS, the floor price has been fixed at Rs 650 per share.

BNP Paribas held 7.7 crore shares, representing 7.7 per cent stake in the company as on March 31.

SBI Life Insurance Company is a joint venture between the State Bank of India and the French financial services heavyweight BNP Paribas Cardiff.

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