BNP Paribas Cardif sells 5% stake in SBI Life Insurance worth ₹4,557 crore

Mumbai: French insurer BNP Paribas Cardif on Friday sold 50 million shares or 5% of the equity in SBI Life Insurance for ₹4557 crore, through an open market transaction.

BNP Paribas Cardif sold 50 million shares of Bharti Airtel at an average price of ₹911.28 per share, which was valued at ₹4556.72 crore as per bulk deals data available on the Bombay Stock Exchange.

According to the latest shareholding pattern, BNP Paribas Cardiff held 52 million shares in SBI Life equivalent to 5.20% in the company and SBI 55.50%. BNP Paribas Arbitrage and Government of Singapore bought 0.90% and 1.68% stake in the life insurer for ₹821 crore and ₹1533 crore respectively.

In June 2019, BNP Paribas Cardiff had sold a 2.5% stake in SBI Life Insurance for about ₹1,625 crore, whereas in March 2019, it had offloaded a 5% stake for ₹2,889 crore and another 9.2% stake for ₹4,751 crore.

During the quarter ended December 31, 2020, SBI Life reported a 40.2 per cent drop in net profit to ₹232.85 crore against ₹390 crore in the same period of the previous year.

Shares of SBI Life Insurance Company lost 2.78% to close at ₹913.90 on Friday on the BSE, while the benchmark index, Sensex declined 0.95% to close at 50792.08 points.

Source: Live Mint