Hyderabad: The divestment of 10 per cent stake of parent company SBI in SBI Life Insurance is expected in March, a senior company official said here on Monday.
SBI Life Insurance MD, CEO Arijit Basu told the reporters, "The discussions about valuations and other aspects will be over by December and the stake sale will happen by February or March ."
He, however, declined to comment on whether the stake will be picked by BNP Paribas Cardif, or be sold to any other party. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif. The latter is eyeing to raise its stake in the JV to 36 per cent where SBI holds 74 per cent.
The buzz for stake sale started after the Parliament, in March last, passed a bill to allow FDI up to 49 per cent in the insurance sector. The company, which clocked in a net profit of Rs 820 crore in FY15, plans to go for an IPO after the stake sale is over.