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US Carlyle and Singapore GIC set to buy 10% stake in SBI Life Insurance for Rs 5,200 cr: says Report
27-Dec-18   09:00 Hrs IST

US-based private equity firm Carlyle Group and Singapore's sovereign wealth fund GIC is set to acquire 10 per cent strategic stake in SBI Life Insurance from BNP Paribas Cardif.

France-based insurance firm BNP Paribas has been looking to trim its stake in SBI Life in order to meet the regulatory norms for opening to the public, the report said.

Carlyle and GIC will buy shares at Rs 510-520 apiece, which is at a 9.2 per cent discount to the insurer's Wednesday closing price of Rs 572.55, the report said citing two people aware of the development.

The total size of the deal stands at around Rs 5,100-5,200 crore, the report said.

The investment proposal has been sent to the Insurance Regulatory and Development Authority (Irda) late last week for approval and is expected to get ratified in the coming weeks.
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