Chennai: A consortium of US private equity firm Carlyle Group and Singapore’s sovereign wealth fund GIC is set to buy a 10 per cent strategic stake in SBI Life Insurance Co from BNP Paribas Cardif, reports state.
Carlyle and GIC will buy shares at Rs 510-520 apiece, with the total deal expected to touch Rs 5,100-5,200 crore ($742 million), making it the second-largest transaction in the sector this year.
The move comes as the French insurer looks to trim its holding in the 17-year-old joint venture with State Bank of India to meet regulatory terms for a public float.