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SBI Life Insurance share closes higher after Carlyle Group buys 9 percent stake from BNP Paribas Cardif

The SBI Life Insurance share swung in a wide range of 620 and 510 in trade today.

twitter-logoBusinessToday.In | March 1, 2019 | Updated 17:10 IST
SBI Life Insurance share closes higher after Carlyle Group buys 9 percent stake
The SBI Life share closed 5.47% or 31 points higher at 612.25. SBI Life Insurance share has gained 8.54% during the last three days.

The SBI Life Insurance share closed higher today after Carlyle Group bought 9 percent stake in the insurance firm from BNP Paribas Cardif.  SBI Life Insurance share rose 6.80% to Rs 620 level intra day compared to the previous close of 580.50 on the BSE.

The SBI Life share closed 5.47% or 31 points higher at 612.25. SBI Life Insurance share has gained 8.54% during the last three days.

The stock has gained 1.52% since the beginning of this year and lost 12.17% during the last one year.

The SBI Life Insurance share swung in a wide range of 620 and 510 in trade today.

At the current market price, Carlyle would have paid Rs 5,445 crore for the nine crore shares picked up from the open market. Following the transaction, Cardif's stake in SBI Life has come down to 12.8 per cent from 22 per cent while Carlyle's holding through CA Emerald Investments is at nine per cent.

SBI remains the majority shareholder with 62.1 per cent stake in the company.

SBI Life Insurance said Emerald Investments, an affiliated entity of a Carlyle Group fund, bought a 9 percent stake in the company.

SBI Life Insurance share price was trading above its 50-day and 200-day moving average of 591 and 594 levels, respectively.

20 of 21 brokerages rate the stock "buy" or 'outperform' and one "underperform", according to analysts' recommendations tracked by Reuters.

The share logged the maximum turnover of Rs 5090 crore with 983.75 lakh shares changing hands on the BSE.

BNP Paribas Cardif SA ("Cardif") said it has successfully sold 92,252,908 equity shares' , cumulatively representing 9.2% of the total issued and paid-up equity share capital of LIC Life , as on March 1, 2019.

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