SBI to sell upto 5% in SBI Life to non-promoter entity
.jpg)
State Bank of India will sell upto five per cent stake in SBI Life Insurance to non-promoter entity for price discovery for and monetise holding.
The country's largest lender expects to complete sale process in this financial year. This transaction would help to discover pricing for life insurer which would be listed in the future, Senior SBI executives.
The Executive Committee of the Central Board (ECCB) (on October 14, 2016) approved to dilute upto five per cent stake of SBI in SBI Life to a non-promoter entity, SBI informed the stock exchange today.
The merchant banking sources said SBI Life Insurance had announced its embedded value as Rs 12,999 crore on March 31, 2016. The promoter (SBI) may seek atleast 2.5-three times the embedded vale as a valuation for insurance company.
The recent listing of ICICI Prudential Life and Max Life's acquisition by HDFC Standard Life would guide the pricing for SBI's stake.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP Paribas Cardif the remaining 26 per cent. BNP Paribas Cardiff will raise its stake in the company by 10 per cent to 36 per cent.
Other Latest News
.webp)
As the results for the Maharashtra polls will be announced tomorrow, Shiv Sena (UBT) leader Sanjay Raut on Friday exuded confidence in the victory of the Maha Vikas Aghadi (MVA), saying that around 160-165 MLAs will be elected from MVA.
Reacting to the speculations of the CM face from Maha Vikas Aghadi, Raut asserted that no formula has been made yet for the selection of the CM face as everyone will sit together and choose the CM.
.webp)
The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
An SC bench of Justices BR Gavai and KV Viswanathan said that it would make a decision on the matter during the next hearing without any adjournment.
.webp)
Kenya's president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.
President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
.webp)
Asserting that the relationship between India and the US is built on a strong foundation, the White House has expressed confidence that it can navigate the ongoing crisis surrounding bribery charges against Indian billionaire Gautam Adani.
At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.
.webp)
Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
.webp)
.webp)
.webp)
.webp)
