Carlyle to exit SBI Life with sale of 1.9% stake

With this sale, Carlye will completely exit from SBI Life, just two and half years after it picked up a 9% stake in the life insurer.

1 min read . Updated: 04 Aug 2021, 10:40 PM IST Swaraj Singh Dhanjal

Carlyle is offering its shares in a price range of ₹1,130 to ₹1,136.85 per share, a 0%-0.6% discount to SBi Life’s closing price of Rs1,136.85 on Wednesday

MUMBAI : US private equity major The Carlyle Group is selling its remaining 1.9% stake in life insurer SBI Life Insurance Co. Ltd through block trades on the stock exchanges for around $289 million, according to deal terms seen by Mint.

Carlyle is offering its shares in a price range of ₹1,130 to ₹1,136.85 per share, a 0%-0.6% discount to SBi Life’s closing price of Rs1,136.85 on Wednesday.

The sale is expected to fetch Carlyle ₹2,147 crore, or $289 million, at the lower end of the price range.

Bank of America is managing the share sale.

Carlye will completely exit from SBI Life just two-and-a-half years after it picked up a 9% stake in the life insurer from BNP Paribas Cardif SA in March 2019, for around ₹5,500 crore, in one of the biggest deals in the Indian life insurance sector in recent years.

Earlier in May, the private equity (PE) firm had sold a 4% stake in the company for around ₹4,000 crore.

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