Mumbai: Shares of private life insurer SBI Life Insurance closed 5.47 per cent higher on Friday at Rs 612.25 after global investment firm Carlyle Group acquired nine per cent stake in it from the insurer’s foreign promoter BNP Paribas Cardif. The insurance company's shares had gained 8.54 per cent during the last three sessions.
SBI Life is the life insurance subsidiary of the State Bank of India. Carlyle’s equity for this investment came from CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, Carlyle’s flagship $6.55 billion fund focused on buyout and strategic investments across a range of sectors in Asia Pacific.
At the current market price, Carlyle would have paid Rs 5,445 crore for the nine crore shares picked up from the open market. After the transaction, Cardif's stake in SBI Life has come down to 12.8 per cent from 22 while Carlyle's holding through CA Emerald Investments is at 9 per cent.
