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SBI to sell 4% stake of SBI General Insurance

State Bank of India (SBI) has given approval for the sale of 4% stake in SBI General Insurance for Rs 482 crore to two alternative investment funds (AIFs).

The executive committee of the Bank at its meeting held on November 29, 2018, approved the sale of 86.2 lakh shares of Rs 10 each, equalling to 4% stake in its subsidiary SBI General Insurance Company (SBI GI), for Rs 482 crore (around $66 million).

Axis New Opportunities AIF-I and PI Opportunities Fund-I, an AIF of Premji Invest, will purchase 1.65% and 2.35% stake, respectively, from SBI.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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