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 Wednesday.
The sale price of the OFS shares has been fixed at Rs 650 apiece, a 8.5 per cent discount to Mondays closing.
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.
Following the deal, BNP Paribas Cardiff s stake in SBI Life came down to 7.7 per cent from 12.7 per cent.In October 2017, SBI Life listed after a maiden initial public offer at Rs 700 per share.