Business Companies 30 Mar 2019 Cardif sells 5 cr sh ...

Cardif sells 5 cr shares in SBI Life Insurance for 2,889 crore

PTI
Published Mar 30, 2019, 11:05 am IST
Updated Mar 30, 2019, 11:05 am IST
The sale was done at average price of Rs 577.93 per equity share.
The company is required to increase its public shareholding to 25 per cent of its paid-up equity share capital on or before October 2, 2020.
 The company is required to increase its public shareholding to 25 per cent of its paid-up equity share capital on or before October 2, 2020.

New Delhi: BNP Paribas Cardif, the foreign partner of SBI Life Insurance on Friday sold 5 crore shares of the company for Rs 2,889 crore.

The sale was done at average price of Rs 577.93 per equity share. Meanwhile, Canada Pension Plan Investment Board has bought 2 crore shares at an average price of Rs 577.50 per shares, as per the regulatory filing. The transactions were carried out as bulk deal from one investor to another.

 

In respect of the sale of shares of SBI Life Insurance Company Limited by BNP Paribas Cardif, a regulatory said the transaction is not to meet minimum public shareholding (MPS) criteria.

The company is required to increase its public shareholding to 25 per cent of its paid-up equity share capital on or before October 2, 2020.

"Accordingly, we would like to clarify that this sale is not being undertaken as per the methods prescribed by SEBI for achieving the MPS Threshold and is not being undertaken with a view to comply with the MPS Threshold," the regulatory filing said.

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Location: India, Delhi, New Delhi




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