A mega share sale in SBI Life Insurance has been launched by BNP Paribas Cardiff which could probably end the two-decade oil joint venture by marking the exit of the French insurance giant.
SBI life Insurance was a joint venture between BNP Paribas Cardiff and State bank of India and was set up in 2001. The shares were listed on the exchanges in October 2017.
BNP Paribas Cardiff holds 5.2 per cent stake in the JV which is valued at around Rs. 4888 crores as per the current market valuation. It must be noted that the stocks of SBI Life Insurance have hit their 52-week high earlier this week.
According to the Bloomberg, BNP Paribas Cardiff is selling around 3.5 per cent stake which is roughly around 35 million shares and are offered in a price range of Rs 870 to Rs 917 each.