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.