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As on: May 19, 2019 03:48 PM
SBI Life Insurance shares bounce back, gain 5.47% after Carlyle Group acquires stake
01-Mar-19   17:24 Hrs IST

Shares of SBI Life Insurance on Friday bounced back from early losses and closed with a gain of 5.5 per cent after the company said global investment firm Carlyle Group has acquired 9 per cent stake in the life insurer from BNP Paribas Cardif.

After falling sharply by 12.14 per cent to Rs 510 during the day on the BSE, shares of the company bounced back and later closed at Rs 612.25, a gain of 5.47 per cent.

On the NSE, stock rose by 3.69 per cent to close at Rs 599.95 after the initial slump.

On the traded volume front, 983.75 lakh shares were traded on the BSE and over one crore units on the NSE during the day.

At the current market price, Carlyle would have paid Rs 5,445 crore for the 9 crore shares picked-up from the open market.

Following the transaction, Cardif's stake in SBI Life has come down to 12.8 per cent from 22 per cent while Carlyle's holding through CA Emerald Investments is at 9 per cent.

SBI remains the majority shareholder with 62.1 per cent stake in the company.

"SBI Life appreciates the support given by Cardif in this journey and look forward to Carlyle's support to the company", SBI Managing Director (global banking and subsidiaries) Dinesh Kumar Khara said.