BNP Paribas sells 9.2% stake in SBI Life Insurance for Rs 4,751 crore
Mumbai: BNP Paribas Cardif, the joint venture partner in SBI Life Insurance, has sold 9.2 per cent of its stake in the private life insurance company for Rs 4,751 crore. This is one of the largest insurance deals in the country since 2016, when the first insurance company got listed.
Of the 9.2 per cent stake sold by BNP Paribas Cardif SA, CA Emerald Investments, a part of investment firm Carlyle Group, acquired a 9 per cent stake in SBI Life Insurance in the open market through stock exchanges. The equity for this investment of the Carlyle Group came from CA Emerald Investments.
CA Emerald Investments has acquired 90 million shares of SBI Life Insurance, representing 9 per cent of the total issued and paid-up share capital of the target company as of March 1, 2019,” said CA Emerald Investments.
“Carlyle’s trust in the company will further strengthen our resolve to enhance our leadership position in India’s life insurance industry through a single-minded focus on quality customer experience”, said Sanjeev Nautiyal, MD & CEO of SBI Life Insurance.
Carlyle buys 9% in SBI Life; BNP Paribas Cardiff stake down to 12.8% Sunil Kaul, MD of the Carlyle Asia buyout advisory team, said: “SBI Life, led by a strong management team, is helping deliver this promise in the life insurance space and is well positioned to further benefit from industry trends. We are excited about the company’s growth prospects.”