NEW DELHI : Private equity firm Carlyle Group on Tuesday divested 3% stake in SBI Life Insurance for over 2,800 crore through an open market transaction.

Carlyle Group, through its entity CA Emerald Investment, had acquired 9.2% stake in the life insurer in March.

According to bulk deal data available with the National Stock Exchange (NSE), Carlyle Group sold a total of 3 crore shares, amounting to 3 per cent stake, of SBI Life.

The shares were offloaded at an average price of 938.83, valuing the transaction at 2,816.5 crore, the data showed.

However, the buyer of the shares could not be ascertained immediately.

As of September quarter, Carlyle Group held 9 per cent stake in the company through its investment arm CA Emerald Investments.

SBI Life is a joint venture between the State Bank of India and leading global insurance company BNP Paribas Cardif.

As on September-end this year, SBI owned 57.6% stake in the insurance company, while BNP Paribas held 5.20%.

Following the transaction, shares of SBI Life plunged 6.3 per cent to settle at 936.95 on the NSE.