Stocks

BNP Paribas Cardif offloads 5% stake in SBI Life via block deal

Our Bureau Mumbai | Updated on March 29, 2019 Published on March 29, 2019

BNP Paribas Cardif offloaded another 5.074 per cent stake in SBI Life Insurance through a block deal.

The private sector insurer made the disclosure to the BSE in a regulatory filing on Friday, and BNP Paribas Cardif said the move is not to comply with SEBI’s public float norms.

“We would like to clarify that this sale is not being undertaken as per the methods prescribed by SEBI for achieving the minimum public shareholding (MPS) threshold, and is not being undertaken with a view to comply with the MPS threshold,” it said.

BNP Paribas Cardif, however, underlined its commitment towards ensuring that the insurer achieves the MPS threshold during the compliance period, it further said.

With the block deal, the firm’s stake in SBI Life Insurance has further reduced to 7.7 per cent from the previous 12.7 per cent.

Earlier this month, BNP Paribas Cardiff had sold 9.2 per cent stake to global investment firm Carlyle Group’s arm, CA Emerald Investments.

Prior to these series of transactions, French insurer BNP Paribas Cardif earlier held 22 per cent stake in SBI Life Insurance. SBI Life, which is the country’s largest private sector insurer, had launched an IPO in September 2017.

Following the announcement of the block deal, the scrip of SBI Life Insurance fell 6.03 per cent to close at ₹579.55 apiece on the BSE.

Published on March 29, 2019
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