NEW DELHI: Shares of SBI Life Insurance declined over 6 per cent in Tuesdays trade amid a spurt in volumes.
Carlyle Group is believed to have trimmed its stake in the firm via a block deal in early trade.The PE firm, which acquired 9 per cent stake in SBI Life Insurance in March this year was planning to sell 3 per cent, or 3 crore shares, of the insurance firm through a block deal route at an impressive 86 per cent profit in just eight months, ET reported.At 9.32 am, the scrip was trading 6.15 per cent lower at Rs 938.05 on BSE.
Volume spiked 43 times the average 2-week volume on the counter.The sale price range of the offer was fixed at Rs 930-940 apiece, a 6-7 per cent discount to Mondays closing price, ET reported.
The fall in stock price on Tuesday was in line.Through the block deal, Carlyle Group might have raised up to Rs 2,820 crore.Carlyle Group through its investment firm CA Emerald Investments had bought a 9.2 per cent stake in SBI Life for about Rs 4,635 crore in March in its biggest-ever investment in India.In October 2017, SBI Life listed after a maiden initial public offer at Rs 700 per share.