INSUBCONTINENT EXCLUSIVE:
Mumbai: BNP Paribas Cardif is planning to sell 2.5 crore shares of SBI Life Insurance through the offer for sale (OFS) route on Tuesday and
Through the OFS, BNP will raise about Rs 1,775 crore
The offer will open on June 25 for non-retail investors and on June 26 for retail investors
BNP has reserved 10 per cent of the OFS shares for retail investors
Shares of SBI Life rose 1.5 per cent to Rs 710.45 on Monday.
SBI Life is a joint venture between State Bank of India and French
multinational bank BNP Paribas Cardif.
In March, BNP Paribas Cardif sold 5 crore shares of SBI Life Insurance through a block deal for Rs
2,889 crore at an average price of Rs 577.93 a share
after a maiden initial public offer at Rs 700 per share.