The country’s largest lender State Bank of India today sold 3.9% stake in its life insurance venture SBI Life to private equity firms KKR and Temasek. The deal values SBI Life at Rs 46,000 crore.
“KKR and Temasek has bought 3.9% stake in SBI Life Insurance Company,” said two sources. SBI Life is a joint venture between State Bank of India and BN Paribas Cardiff. In a filing to Bombay Stock Exchange, SBI said that the executive committee of the central board of the bank at its meeting held on December 09, 2016 has approved divestment 3.9% stake in SBI Life Insurance Company at a price of Rs. 460 per share, subject to all regulatory approvals.